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The lure of claiming benefits at age 62 is not having to wait to get your hands on your benefit. There's also the possibility of sweeping Social Security benefit cuts by 2033 .
By claiming at the age of 62, a hypothetical $1000 retirement benefit would be reduced by 25% and you would only receive $750 per month. A $500 monthly spousal benefit would be reduced to $350.
Benefits Increase by: Full Retirement Age (FRA) of 66. Full Retirement Age (FRA) of 67. 5/12 of 1% per month (5% per year) From 62 to 63. From 62 to 64
Even though retired-worker benefits can be collected as early as age 62, ... any payout reductions by waiting just a few years to collect their benefit. Age 66 represents the full retirement age ...
The average benefit at age 70 is around $2,038 per month -- a whopping $740 more per month than the average at 62. If money is going to be tight in retirement, delaying claiming can make your ...
Social Security calculates your monthly benefit using your average earnings during the 35 years when you earned the most money. ... Age 62 is the earliest you can claim benefits, 67 is most people ...
Data source: Social Security Administration. Here's the maximum possible Social Security benefit at ages 62, 66, 67, and 70. Determining the best age to claim Social Security will come down to ...
The age at which you begin collecting a Social Security check can have a huge impact on how much you ... benefits can be collected as early as age 62, ... years. Collecting benefits at age 62 ...
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