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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.
Even though retired-worker benefits can be collected as early as age 62, ... by waiting just a few years to collect their benefit. Age 66 represents the full retirement age for persons born from ...
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 ...
Despite earning similar salaries throughout their careers, someone turning 70 in 2025 could receive a benefit that's over 80% higher per month than their 62-year-old counterpart.
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.
On the other hand, waiting a bit longer to take Social Security can have a big impact. If you're entitled to the average retirement benefit of $1,316 at age 62, waiting until you turn 63 would ...
By claiming at the age of 62, a hypothetical $1000 retirement benefit would be reduced by 25% and you would only receive $750 per month. A $500 monthly spousal benefit would be reduced to $350.
The earliest you can claim Social Security benefits is 62, but doing so could reduce your monthly benefit by up to 30% (for those whose full retirement age is 67). That said, many people would ...
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related to: how much money can you have on benefits at 62 years of age considered old