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The age you file for Social Security is perhaps the most important decision affecting your benefit amount. ... If you have a full retirement age of 67 years old, filing at 65 will reduce your ...
One of its findings was this: For a single male earning an average wage every year and who retired in 2020 at age 65, lifetime Social Security and Medicare benefits would equal about $640,000.
When Social Security was created, the full retirement age was set at 65. However, in 1983, lawmakers amended Social Security to try to shore up the finances of the program.
The WEP provision does not eliminate all Social Security or Medicare eligibility if the worker has 40 quarters of qualifying income, but calculates the benefit payments by reducing the 90% multiplier in the first PIA bendpoint to 40–85% depending on the number of Years of Coverage. [44] Foreign pensions are subject to WEP.
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
In the middle of that eight-year window is your full retirement age (FRA), otherwise known as the age when you can claim your complete monthly Social Security benefit without a reduction. FRA is ...
As a general rule of thumb, Social Security benefits are designed to replace about 40% of pre-retirement income. It will be more if you were a lower earner, or less if you are a higher earner.
According to the most recent Social Security statistical supplement, which is based on December 2022 benefits, the average Social Security Benefit for a 65-year-old retired worker is $1,504.98 per ...