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Data source: Social Security Administration. Even though the 70-year-old and the 62-year-old earned comparable salaries throughout their careers, the 70-year-old ends up receiving a monthly ...
Determining when to take Social Security is an important life decision, and it's smart to begin thinking about it well before retirement. ... a whopping $740 more per month at age 70 compared to ...
When you apply for Social Security, the government looks at your entire earnings history, adjusting each year's wages for inflation. ... if you start benefits the month you reach your full ...
Image source: Getty Images. There's also a big advantage to delaying Social Security past full retirement age. For each year you do, up until age 70, your monthly benefits grow 8%.
Birth Year. Full Retirement Age (FRA) 1943 to 1954. 66. 1955. 66 and 2 months. 1956. 66 and 4 months. 1957. 66 and 6 months. 1958. 66 and 8 months. 1959. 66 and 10 months
Filing at 70 will mean getting more money each month, but collecting fewer payments due to having to wait. ... filing at 62 will give you a total of $436,800 in Social Security. Filing at 70 will ...
In that case, waiting until 70 to take benefits means getting $37,440 less Social Security than claiming benefits at 67. On the flip side, if you live until 90, filing at age 70 will give you ...
Yet, you can file for your Social Security retirement benefits as early as age 62 or as late as age 70. Read Next: Suze Orman: 2025 Social Security Changes You Need To Know About and Their Impacts
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