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In addition, Nerd Wallet will also show you the difference if you took benefits at 67, otherwise known as the Full Retirement Age, when Social Security hits 100% payout.
The lure of claiming benefits at age 62 is not having to wait to get your hands on your benefit. There's also the possibility of sweeping Social Security benefit cuts by 2033. Taking your payout ...
The total annualized difference between the two benefits is $27,324. That could go a long way in retirement. ... Even if you don't expect to receive the maximum possible Social Security benefit ...
Claiming Social Security at 62 would reduce your monthly PIA by 30%; delaying benefits until 70 would increase it by roughly 24% (assuming your full retirement age is 67).
Your FRA is the age when you become eligible to receive your full Social Security retirement benefit and it’s based on your date of birth. For example, if you were born between 1943 and 1954 ...
“Better still is that each year you delay Social Security after your full retirement age and up until age 70 results in an 8 percent increase — a permanent pay raise, if you will, above the ...
Image source: Getty Images. 1. Understand how your claiming age affects your benefits. The government bases your Social Security benefits on your income during your working years and your age at ...
As of June 2022, you would would get a monthly benefit of $1,338 if you file for Social Security at 62; $1,911 at full retirement age (in this case, 67); or $2,370 at 70.