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Any time you take Social Security before your full retirement age, you’ll have to accept a reduced benefit. Your benefit will be 6.66% lower for each year of early benefits. If you start them at ...
This provision allows the lower-earning spouse to receive up to 50% of the higher-earning spouse’s benefit at full retirement age, but not until the spouse has become eligible for benefits. To ...
Spousal benefits are reduced by 25/36 of 1% each month before your full retirement age, up to 36 months. Each month after that further reduces spousal benefits by 5/12 of 1% monthly. For example ...
When you apply for Social Security, you automatically apply for the greater of your benefit or half your spouse’s benefit. The average monthly payout for all retired workers was $1,918 in June ...
1. You can get up to 50% of your spouse’s full benefit. The maximum spousal benefit is 50% of your spouse’s primary insurance amount. That’s the benefit they’ll qualify for once they’re ...
Data source: Social Security Administration. Calculations by author. For each month before your full retirement age that you claim your spousal benefit, that benefit is reduced by 25/36 of a ...
These delayed retirement credits increase the amount of your benefits by two-thirds of 1% per month. If you have an FRA of 67, delaying until 70 can thus result in a 24% benefits increase. That's ...
You can claim Social Security benefits as soon as you turn 62 years old. However, for everyone born after 1959, the reduction for claiming benefits at age 62 is 30%.