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There aren't many social programs in the U.S. that have had as much of a positive impact as Social Security retirement benefits. For most recipients, it's a well-earned benefit after years of ...
A study published by the National Bureau of Economic Research in November 2022 found that 90% of workers ages 45 to 62 would maximize their Social Security by claiming benefits at age 70.
Source: Social Security Administration. Chart by author. Note that as of November, the average monthly Social Security benefit was $1,925 -- or about $23,000 annually.
Initially collecting retired-worker benefits as early as possible (age 62) or with a middle-ground approach (age 67) can lead to notable differences in average monthly and lifetime benefits.
The average Social Security benefit overall was $1,905.31 per month in 2023. But it's larger today thanks to cost-of-living adjustments (COLAs) . Benefits increased 3.2% in 2024, which would raise ...
The average monthly Social Security benefit for retired workers at age 70 is about $757 more than the average payout at age 62. ... can claim retirement benefits before age 62, and there is no ...
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.
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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related to: mass general sign on chart of benefits for retirement social security 62