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Average monthly benefits slowly creep up along with the beneficiary's claiming age. Those in the 70 to 74 age group currently take home the largest average benefit of $2,021.81 in 2023 dollars ...
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 .
In general, claiming benefits before your FRA reduces them by 5/9 of 1% each month within 36 months of FRA. Beyond 36 months, Social Security further reduces benefits by 5/12 of 1% each month.
Data source: Social Security Administration. Here's the maximum possible Social Security benefit at ages 62, 66, 67, and 70. Determining the best age to claim Social Security will come down to ...
An analysis from United Income in 2019 found that 57% of retirees would maximize their wealth by waiting to claim benefits until age 70. By comparison, just 6.5% of retirees would benefit from ...
As you can see, the 70-year-old claiming the maximum benefit in 2024 receives $58,476 in annual income from Social Security alone. The 62-year-old brings in just $32,520.
Claiming at FRA: If you wait until your full retirement age — 67 for people who turn 62 in 2024 — you’ll receive 100% of your calculated benefit based on your earnings history.
Learn More: 4 Things You Must Do When Your Retirement Savings Reach $50,000. ... You can claim retirement benefits as early as age 62, but the longer you wait to apply, the higher your monthly ...