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Image source: The Motley Fool. If you're within 36 months of your FRA, your benefit is reduced by 5/9 of 1% for each month you claim early. Any additional month further reduces benefits by 5/12 of 1%.
The government first calculates your Social Security benefit at your full retirement age (FRA). This is 67 for most workers today, though some older adults have FRAs as young as 66.
A small portion of beneficiaries (1.3%) pass away before receiving benefits. You can’t start claiming Social Security until age 62, and you’re not eligible for 100% of your benefit until full ...
Image source: Getty Images. Analysis: There is a superior claiming age. Given the sizable disparity in take-home benefits between ages 62 and 67, you might be wondering if one (or more) claiming ...
A separate analysis from the Center on Budget and Policy Priorities found that the poverty rate for adults aged 65 and above would be nearly four times higher if Social Security didn't exist -- 10 ...
But the differences between the maximum possible 2025 Social Security benefit at 62, 67, and 70 show the value of delaying benefits as long as possible. ... based on the year in which you turned ...