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Ultimately, if you retire early, you’ll reduce your monthly benefit. And, if you claim your benefits before your full retirement age (around age 67), you’ll reduce your benefits by about 0.5% ...
1. Social Security's "do-over" Some people might think that once they begin collecting Social Security retirement benefits before their full retirement age (FRA), it's an irrevocable decision ...
Keep in mind, if you retire before you’ve earned 40 Social Security credits, then you won’t qualify for Social Security benefits at all. If you’re part of the FIRE movement and have money ...
At age 67, the average Social Security benefit is $1,782 per month, so if you retire at age 62 average benefits will pay $1,247 per month. Finally, Medicare will not kick in until age 65.
However, you’ll also want to consider how early retirement affects Social Security, a decision that will impact your monthly benefits for the rest of your life:
Boosting Your Social Security Benefit if You're Short on Years If you're nearing retirement age and don't have a full 35 years of earnings, adding just a few more years – even at a lower salary ...
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