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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 ...
This age will vary by birth year, but it's 67 years old for everyone born in 1960 or later. Social Security full retirement age chart. Image source: The Motley Fool.
If you're within 36 months of your full retirement age, the Social Security Administration reduces your monthly payout by 5/9 of 1% for each month you claim early. Beyond 36 months, the program ...
The earliest you can claim Social Security is age 62, but your monthly benefit is reduced based on how far you are from your FRA. If you're within 36 months, benefits are reduced by 5/9 of 1% monthly.
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.
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