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The lure of claiming benefits at age 62 is not having to wait to get your hands on your benefit. There's also the possibility of sweeping Social Security benefit cuts by 2033 .
Data source: Social Security Administration. Despite earning similar salaries throughout their careers, someone turning 70 in 2025 could receive a benefit that's over 80% higher per month than ...
Age 62 is the earliest you can claim benefits, 67 is most people's full retirement age, and 70 is when monthly benefits stop increasing if you delay claiming them past your full retirement age ...
Most personal finance and retirement experts recommend waiting until age 70 to claim Social Security benefits. The primary reason for that rule of thumb is because the average individual will ...
Although you can claim your benefits at age 67, which is full retirement age for those born in 1960 or later, you also have the option to file as early as age 62 or wait as late as age 70 ...
The trade-off is that your monthly benefit will be reduced by 30%, assuming your full retirement age is 67. For example, if your PIA is $2,000, your monthly benefit would be $1,400 if you claim at 62.