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When Social Security was created, the full retirement age was set at 65. However, in 1983, lawmakers amended Social Security to try to shore up the finances of the program.
For people born in 1960 or later, full retirement age is 67, though you can claim Social Security benefits as early as age 62. Waiting a few years makes a big difference.
If you retire 36 months or less before full retirement age, your benefit is decreased by 5/9 of 1 percent per month. If you retire more than 36 months before full retirement age, your benefit is ...
The resulting number is the percentage of your salary you should be saving each year if you plan to retire at age 65. For earlier retirement, you will need to double or triple that percentage.
If you claim Social Security early, your benefit will be permanently reduced by 6.67% for each year before full retirement age, up to 36 months early. Beyond 36 months before full retirement age ...
Ultimately, if you retire early, you’ll reduce your monthly benefit. ... if you claim your benefits before your full retirement age (around age 67), you’ll reduce your benefits by about 0.5% ...
The resulting calculation is called your primary insurance amount — the amount you’ll receive at full retirement age. The average Social Security benefit was $1,907 in January 2024, according ...
For every year you delay after reaching full retirement age, you qualify for an extra 8% in benefits. The boosted benefits cap out at 32% above your FRA benefits, when you reach age 70. Changes to ...
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