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Data source: Social Security Administration. The table shows that if your full retirement age is 67 (as it is for anyone born in 1960 or later) and you collect as soon as possible, at age 62, your ...
Birth Year. Full Retirement Age. 1937 or earlier. 65. 1938. 65 and 2 months. 1939. 65 and 4 months. 1940. 65 and 6 months. 1941. 65 and 8 months. 1942. 65 and 10 months
This is because Social Security will subject you to its retirement earnings test (RET) if you claim benefits early and earn over a certain limit. The earnings limit is $22,320 for 2024 if you don ...
If you're within 36 months of your full retirement age, the Social Security Administration reduces your monthly payout by 5/9 of 1% for each month you claim early. Beyond 36 months, the program ...
Claiming Social Security at 62 would reduce your monthly PIA by 30%; delaying benefits until 70 would increase it by roughly 24% (assuming your full retirement age is 67).
Source: Social Security Administration. Table by author. At age 66, the average benefit among all retired workers is $1,740 per month, according to December 2023 data from the Social Security ...
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