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Image source: Getty Images. Social Security has an "undo" button. The first rule to know before reaching age 62 and potentially claiming Social Security is that you can withdraw your application ...
For example, if you are eligible to collect a reduced $900 benefit at age 62 plus 1 month, and your benefit would increase to $1,251 at age 65 and 10 months, your estimated break-even age is 75 ...
Planning Retirement Withdrawals. ... For example, if you were born in 1960 or later, taking Social Security benefits at age 62 would reduce your monthly benefit by 30%.
Ramsey was responding to a question from a listener about whether it made more sense to collect Social Security at 62 or wait until full retirement age, which is either 66 or 67 years old ...
If you sign up at age 62 instead, your monthly benefit shrinks to $1,400. But by roughly age 78 1/2, you're breaking even, coming away with $278,000 and change in total benefits to date.
The Social Security Administration assigns everyone a full retirement age (FRA) based on their birth year. ... That means signing up for Social Security at 62 can reduce your checks by up to 30% ...
Your Social Security claiming age will have a significant impact on your monthly benefit amount. ... So if you expect to withdraw, say, $40,000 per year from your retirement fund, you'd need ...
Age 62 is the earliest that you can file for Social Security, and therefore it results in the smallest benefit. Your full retirement age benefit will be reduced by 30%, from $1,000 to $700. Age 63
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related to: how to withdraw social security benefits at age 62