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Data source: Social Security Administration. What's the average Social Security benefit at ages 62, 67, and 70? Although every age within the traditional collection range of 62 through 70 has its ...
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.
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.
Data source: Social Security Administration. Collecting benefits at 62, 65, and 70 comes with well-defined advantages and drawbacks. Within the traditional claiming range of 62 through 70, every ...
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.
With a better understanding of the dynamics that go into Social Security benefits, let's dig into the meat and potatoes of why 62, 66, and 70 are expected to be popular claiming ages.
According to the Social Security Administration, or SSA, the monthly retirement benefit for Social Security recipients is currently $1,783.55 in 2024 on average. Several factors can drag that ...
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 ...