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Anyone born in 1960 or later will have a full retirement age of 67 years old. But claiming Social Security at age 67 comes with a few downsides retirees need to consider. Here's the unfortunate truth.
The simplest way to increase your Social Security benefit is to make sure you work at least 35 years. Your monthly benefit is based on your average monthly earnings (adjusted for wage inflation ...
Here are three of the biggest errors people make, which you cannot afford if you want a generous Social Security check to help you enjoy a secure future. 1. Claiming benefits at the wrong time
Many retirees decide to start collecting Social Security benefits as soon as they reach the minimum age of 62, often without fully understanding the long-term implications of beginning benefits.
On the other hand, the lower-earning spouse can claim much earlier, perhaps even at age 62 since their Social Security income will have less of an impact on the couple's joint lifetime benefits.
The earliest age to claim Social Security is 62, and you get your complete monthly benefit at full retirement age, which, depending on your year of birth, is 66, 67, or somewhere in the middle of ...
3. Delay your benefit. Delaying your benefit will increase your benefit check, but there’s a limit to how high it will go. You can begin taking your Social Security benefit at age 62, though you ...
Social Security benefits are adjusted each year based on inflation through a cost-of-living adjustment (COLA). In 2024, there was a 3.2% increase, according to the Social Security Administration.