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The major drawback with claiming Social Security at 62 is that you’ll be permanently reducing your monthly paycheck. While getting five additional years of payments may start out as a great plan ...
The way Social Security is set up, the longer you wait to collect retirement benefits, the higher your monthly payment. Claiming benefits at age 62 means you will get the smallest possible check.
The earliest you can file for Social Security is 62 and you’ve reached “full retirement” — when you can collect 100% of your eligible benefit — between 66 (those born 1943-54) and 67 ...
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
Here are some solid reasons to start taking your Social Security benefits as soon as you can. Health status Health issues rank high on the list of concerns in a 2021 Gallup poll cited by Experian.
In fact, according to 2023 data from the Social Security Administration, the average retiree collects around $1,884 per month in benefits at age 67 compared to $1,298 monthly at 62 -- a difference ...
If you turn 62 this year and decide to claim your benefit, you’ll receive 30% less than you’d get by waiting till full retirement at 67, according to the Social Security Administration (SSA).
The average retired worker collects around $1,298 per month at age 62 and roughly $1,884 per month at age 67, according to data released by the Social Security Administration in December 2023.
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related to: should i take ss at 62 or wait 2