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The government program accounts for at least 50% of household income for about half of people aged 65 and older, according to data reviewed by the Social Security Administration.
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.
For example, if your full retirement age is 67, but you start collecting Social Security at 62, your benefits will be 30% less than they would be if you waited the additional five years.
For many retirees, Social Security is an important source of retirement income — one they hope to maximize. But there are a few factors that could slash the value of your check.
Collecting benefits early (age 62), at a middle-ground age (65), or at the tail end of the traditional claiming age range (age 70), can have a myriad of advantages and drawbacks.
This year marked the so-called "Peak 65 Zone," the biggest wave of Americans turning 65. More than 4.1 million Americans will turn 65 each year through... 5 Social Security Tips for New Retirees ...
6. Relocate To a Tax-Friendly State. Most states and Washington, D.C. do not tax Social Security benefits, but you can make your benefits stretch even further if you live in a state with even ...
A separate analysis from the Center on Budget and Policy Priorities found that the poverty rate for adults aged 65 and above would be nearly four times higher if Social Security didn't exist -- 10 ...