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According to the Social Security Administration (SSA), if you were born between 1943 and 1954, your full retirement age is 66. By claiming at the age of 62, a hypothetical $1000 retirement benefit ...
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.
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.
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
Year of birth. Full retirement age. 1937 and before. 65. 1938-1942. 65 + 2 months for each year past 1937. 1943-1954. 66. 1955-1959. 66 + 2 months for each year past 1954
The average retired worker, regardless of age, collects just over $1,900 per month in benefits, according to the Social Security Administration. However, those who claim benefits early receive ...
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