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Benefits Increase by: Full Retirement Age (FRA) of 66. Full Retirement Age (FRA) of 67. 5/12 of 1% per month (5% per year) From 62 to 63. From 62 to 64
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 ...
Age 62 is noteworthy because it's the earliest you can claim Social Security. The trade-off is that your monthly benefit will be reduced by 30%, assuming your full retirement age is 67.
The average benefit at age 70 is around $2,038 per month -- a whopping $740 more per month than the average at 62. If money is going to be tight in retirement, delaying claiming can make your ...
To be eligible for benefits, you need to earn a total of 40 credits, and you can earn up to four per year. The value of each credit is updated annually, and for 2024, it's $1,730 in earnings.
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 ...
Age 62 is the earliest you can claim benefits, 67 is most people's full retirement age, and 70 is when monthly benefits stop increasing if you delay claiming them past your full retirement age.