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Data source: Social Security Administration. What's the average Social Security benefit at ages 62, 67, and 70? Although every age within the traditional collection range of 62 through 70 has its ...
Claiming at 62 will reduce your payments, but by planning accordingly, it could still be a strong choice for your retirement. The $ 22,924 Social Security bonus most retirees completely overlook
Average benefit for retired workers aged 62, 66 and 71 The SSA provides assistance to many groups of people, not only to retired workers. Spouses, disabled people and minor children of deceased ...
Source: Social Security Administration. Chart by author. Note that as of November, the average monthly Social Security benefit was $1,925 -- or about $23,000 annually.
The average monthly Social Security benefit for retired workers at age 70 is about $757 more than the average payout at age 62.
The earliest you can claim Social Security benefits is 62, but doing so could reduce your monthly benefit by up to 30% ... For example: one easy trick could pay you as much as $ 22,924 more ...
In fact, if your full retirement age is 67, which is the case for everyone born in 1960 or later, claiming Social Security at age 62 can result in a permanent 30% reduction.
Here's what the average payments look like at all ages between 62 and 70, as well as what the data says about the best time to claim. The average Social Security benefit by age