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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. Taking your payout ...
What's the average Social Security benefit at ages 62, 66, and 70? ... tax implications, and so on. This means there isn't a one-size-fits-all blueprint when claiming benefits. ...
For most recipients, it's a well-earned benefit after years of paying Social Security payroll taxes. Since 1961, the earliest anyone can claim Social Security retirement benefits is age 62.
The average benefit at age 70 is around $2,038 per month -- a whopping $740 more per month than the average at 62. If money is going to be tight in retirement, delaying claiming can make your ...
The following table outlines the lifetime benefit the average 62-year-old worker discussed above could get from Social Security by claiming a $1,298.26 monthly benefit at 62 versus a $1,854.66 at ...
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).