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If you're 62 years old and were born in 1962, your full retirement age is 67. Filing for Social Security as soon as you retire means slashing your monthly benefit by as much as 30% for life.
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.
Only then can you fully comprehend the ramifications of your claiming age and what an early (age 62), middle-ground (age 66), or late (age 70) approach to claiming can have on your monthly Social ...
Although retired-worker benefits can be collected as early as age 62, there's a monetary incentive to be patient. For every year a worker waits to collect their initial payout, beginning at age 62 ...
Data source: Social Security Administration. Despite earning similar salaries throughout their careers, someone turning 70 in 2025 could receive a benefit that's over 80% higher per month than ...
If you have a FRA of age 67 and you file as early as possible at age 62, your payments will be slashed by 30%. The average retiree can expect to receive around $586 more per month at age 67 ...
Data source: Social Security Administration. Chart by author. Here's the maximum possible 2025 Social Security benefit at 62, 67, and 70. Earning a high salary throughout your career is just one ...
To be eligible for the maximum monthly benefit, you must earn at least the wage base limit in each of the 35 years that Social Security uses to calculate your benefit amount. For perspective ...