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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 .
In this case, if your full retirement age is 67 and you claim spousal benefits at 64, monthly benefits will be reduced by 25%. If you claim spousal benefits at 62, they'll be reduced by 35%.
If you claim at full retirement age, you get a standard benefit based on a percentage of average wages during your highest-earning 35 work years. ... Studies have shown the best age to claim ...
You become eligible to claim benefits on your own earnings record starting at age 62. But as previously mentioned, claiming as soon as possible comes with the drawback of a smaller check ...
Claiming Social Security at 62 would reduce your monthly PIA by 30%; delaying benefits until 70 would increase it by roughly 24% (assuming your full retirement age is 67).
If you wait to start collecting Social Security until age 70, you may have to draw down your retirement accounts faster in your 60s. That puts a lot of pressure on your accounts to perform well ...