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Regarding Social Security, there's a little-known rule that can greatly impact your monthly benefits: your payments are calculated based on your 35 highest-earning years. If you haven't worked a ...
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
Using a Social Security benefits calculator can help you understand what you might see as a benefit. ... otherwise known as the Full Retirement Age, when Social Security hits 100% payout.
The average monthly Social Security benefit for a retired worker is $1,909 (as of January 2024). But that number could be much less if you don’t work and contribute to the plan for a full 35 years.
What Is the Early Retirement Age for Social Security? You can choose to claim retirement benefits as early as age 62. However, SSA will reduce your benefit by about 0.5% for every month you ...
Upon turning 62, you qualify to receive early Social Security benefits. But if you do so, the SSA pays out only reduced benefits until you reach full retirement age (FRA).
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