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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 .
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).
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 ...
Wait past full retirement age, and you receive 2/3 of 1% of your standard benefit for each month you delay. The second explanation is that low-income workers claim benefits earlier than high ...
Delaying claiming until after your FRA can boost your benefits even further. For those with a FRA of 67, waiting until 70 to file will earn you a 24% bonus on top of your full payment.