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For more than eight decades, Social Security has been doling out a monthly benefit to retired workers. While this payout isn't making any of the program's beneficiaries rich, it has proved to be a ...
That means that you could collect Social Security benefits while also taking withdrawals from a 401(k) or individual retirement account (IRA) or receiving payments from an annuity.
Conversely, collecting at age 62 can permanently reduce monthly payouts by 25% to 30%, as well as expose beneficiaries to other penalties for filing early, such as the retirement earnings test ...
Year of birth. Full retirement age. 1937 and before. 65. 1938-1942. 65 + 2 months for each year past 1937. 1943-1954. 66. 1955-1959. 66 + 2 months for each year past 1954
Another catalyst for collecting your retired-worker benefit as early as possible is the Social Security Board of Trustees forecasting an exhaustion of the Old-Age and Survivors Insurance Trust ...
With $500,000 in an IRA and a pension, you may not need to immediately claim Social Security at age 62. By waiting until full retirement age at 67 or even 70, you can increase your monthly benefit ...
According to the most recent data released by the Social Security Administration in December 2023, the average benefit among 62-year-old retired workers is just $1,298 per month.
Every year, Social Security's Office of the Actuary (OACT) releases a data set that breaks out average retired-worker payouts at each age from 62 through 99-plus.
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