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On the other hand, while only a small percentage of retired workers waited until age 70 to begin receiving their Social Security benefit, this would have been optimal for an astounding 57% of the ...
The longer you wait to claim (up to age 70), the more you'll collect each month. The average benefit at age 70 is around $2,038 per month -- a whopping $740 more per month than the average at 62.
Say you're entitled to a monthly benefit of $2,000 at age 67. Filing for Social Security at 62 means getting $1,400 a month instead. And delaying your claim until 70 means getting a monthly check ...
For example, if you are eligible to collect a reduced $900 benefit at age 62 plus 1 month, and your benefit would increase to $1,251 at age 65 and 10 months, your estimated break-even age is 75 ...
Once you turn 70, though, there's no financial incentive to delay your Social Security filing, so 70 is often regarded as the latest age to claim benefits, even though you can file at 75, 83, or ...
Reasons to collect Social Security at 62 There are several reasons to start collecting Social Security benefits at age 62. Let's start, though, with a couple of not-so-good reasons.
Age 62 is the earliest that you can file for Social Security, and therefore it results in the smallest benefit. Your full retirement age benefit will be reduced by 30%, from $1,000 to $700. Age 63
You become eligible for Social Security if you retire at age 62, ... a breakdown of how the average monthly Social Security checks and benefits could change depending on when you decide to collect.
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related to: collecting ss at age 62