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If you're 62 years old and were born in 1962, your full retirement age is 67. Filing for Social Security as soon as you retire means slashing your monthly benefit by as much as 30% for life.
Only then can you realize how important your claiming age is, and what impact an early (age 62), middle-ground (age 67), or late (age 70) collection approach can have on your monthly benefit.
Only then can you fully comprehend the ramifications of your claiming age and what an early (age 62), middle-ground (age 66), or late (age 70) approach to claiming can have on your monthly Social ...
Data source: Social Security Administration. Despite earning similar salaries throughout their careers, someone turning 70 in 2025 could receive a benefit that's over 80% higher per month than ...
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.
If you have a FRA of age 67 and you file as early as possible at age 62, your payments will be slashed by 30%. The average retiree can expect to receive around $586 more per month at age 67 ...
Although retired-worker benefits can be collected as early as age 62, there's a monetary incentive to be patient. For every year a worker waits to collect their initial payout, beginning at age 62 ...
This makes sense when you consider how the government calculates Social Security benefits. You qualify for your scheduled benefit at your full retirement age (FRA). This is 66 to 67 for today's ...