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The question of when to apply for Social Security benefits runs much deeper than following a simple timeline, however. ... at age 62, you’re locking in a permanent 30% reduction in your monthly ...
Turning 62 is a big milestone. For many, it marks the end of a decades-long career. It also signals eligibility for Social Security benefits, a primary source of income for a lot of retirees.
With the average 62-year-old collecting about $1,373 per month ($16,479 per year), job income above around $56,400 would completely wipe out a typical Social Security check. The good news is that ...
Birth Year. Full Retirement Age (FRA) 1943 to 1954. 66. 1955. 66 and 2 months. 1956. 66 and 4 months. 1957. 66 and 6 months. 1958. 66 and 8 months. 1959. 66 and 10 months
Benefits are reduced up to 30% if you claim benefits at age 62 versus full retirement age. You can receive even more if you wait until age 70. The difference between taking benefits at 70 versus ...
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
The earliest you can apply is at age 62, with the latest being age 70. Claiming benefits at 62 is considered early, and full retirement age (FRA) — which is 67 for most people — is the age at ...
Let's apply some actual numbers to further illustrate this point. Say you're entitled to $2,000 a month in Social Security at age 67. If you file for benefits at 62, you'll get $1,400 a month instead.