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Initially collecting at 67 means no reduction to your monthly payout. ... benefit is at 62, 67, and 70. Every year, the SSA's Office of the Actuary releases a ... your Social Security benefits, we ...
The greater the gap between age 62 and FRA, the higher the percentage of reduction in retirement benefits. For those born in 1960 or later, retirement benefits are reduced by 30% and spousal ...
If you turn 62 this year and decide to claim your benefit, you’ll receive 30% less than you’d get by waiting till full retirement at 67, according to the Social Security Administration (SSA).
Benefits Increase by: Full Retirement Age (FRA) of 66. Full Retirement Age (FRA) of 67. 5/12 of 1% per month (5% per year) From 62 to 63. From 62 to 64
According to the most recent data released by the Social Security Administration in December 2023, the average benefit among 62-year-old retired workers is just $1,298 per month.
By choosing to start collecting once you reach the age of 62, you could see as much as a 30% reduction in your benefit amounts compared to waiting until your full retirement age (which is 67 for ...
You can start getting Social Security retirement benefits when you turn 62 years old, the earliest age when they're available. However, there are downsides to starting benefits at such a young age.
Using the SSA’s example in its “How Work Affects Your Benefits” publication, if your monthly Social Security payment at 62 years is $600 ($7,200/year) and you intend to make $24,920 for the ...
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