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Even though retired-worker benefits can begin as early as age 62, there's a financial incentive that encourages patience. More specifically, for every year a worker waits to collect their benefit ...
In fact, according to 2023 data from the Social Security Administration, the average retiree collects around $1,884 per month in benefits at age 67 compared to $1,298 monthly at 62 -- a difference ...
Let's run a break-even scenario to further illustrate this point. Say you're eligible for a $2,000 monthly Social Security benefit at age 67, which is full retirement age for anyone born in 1960 ...
The average retired worker collects around $1,298 per month at age 62 and roughly $1,884 per month at age 67, according to data released by the Social Security Administration in December 2023.
Differences in claiming age can swing the monthly ... which can swing the payout pendulum between even an early (age 62) ... let's dive into what the average Social Security benefit is at 62 and 67.
The average retiree can expect to receive around $586 more per month at age 67 compared to 62. According to 2023 data from the Social Security Administration, the average benefit amount at age 62 ...
The difference between someone who claims Social Security as soon as possible at age 62 and someone who waits until their benefits max out at age 70 is amplified when you look at the maximum ...
That discrepancy is magnified when comparing the maximum possible Social Security benefit at ages 62 and 70. ... which will fall between age 66 and 67 for readers. Looking at the difference ...