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Anyone born in 1960 or later will have a full retirement age of 67 years old. But claiming Social Security at age 67 comes with a few downsides retirees need to consider. Here's the unfortunate truth.
In fact, according to 2023 data from the Social Security Administration, the average retiree collects around $1,884 per month in benefits at age 67 compared to $1,298 monthly at 62 -- a difference ...
Image source: Getty Images. 1. The size of your retirement fund. No matter when you begin taking Social Security, it may be hard to survive on benefits alone in retirement.
The full retirement age to collect 100% of your Social Security benefits depends on your birth year, but that will change in 2027. Beginning then, the FRA for everyone will be set at 67 years old,...
Data source: Social Security Administration. Here's the maximum possible Social Security benefit at ages 62, 66, 67, and 70. Determining the best age to claim Social Security will come down to ...
See, the risk of claiming Social Security too early isn't just reducing your monthly payments. It's also ending up with less lifetime income from Social Security than you'd get with a later filing ...
Age 62 is the earliest you can begin claiming, age 67 is the full retirement age for everyone born in 1960 or later, while age 70 is the latest you can file to earn larger checks each month.
If you wait to start collecting Social Security until age 70, you may have to draw down your retirement accounts faster in your 60s. That puts a lot of pressure on your accounts to perform well ...
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