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With a better understanding of the positives and drawbacks of these three claiming ages, let's examine what the average Social Security benefit is at 62, 67, and 70.
Image source: Getty Images. Starting your benefits early could preserve your savings. There's one situation when claiming Social Security at 62 makes a lot of sense. You'll want to claim at this ...
Filing for Social Security at 62 means getting $1,400 a month instead. And delaying your claim until 70 means getting a monthly check worth $2,480. But watch what happens if you pass away at age 75.
Claiming Social Security at 62 may result in a smaller lifetime benefit if you wind up living until your late 80s or beyond. But as long as your monthly benefits provide enough income for you to ...
Image source: Getty Images. Why so many Americans claim Social Security at 62. The question of why many Americans claim Social Security as early as possible is different from the question of what ...
The earliest you can claim Social Security benefits is 62, but doing so could reduce your monthly benefit by up to 30% (for those whose full retirement age is 67). That said, many people would ...
The major drawback with claiming Social Security at 62 is that you’ll be permanently reducing your monthly paycheck. While getting five additional years of payments may start out as a great plan ...
Image source: The Motley Fool. The earliest you can claim Social Security benefits is 62. In general, claiming benefits before your FRA reduces them by 5/9 of 1% each month within 36 months of FRA.
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