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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 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 ...
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 earliest you can claim Social Security benefits is 62, but doing so could reduce your monthly benefit by up to 30% (for those whose full retirement age is 67). That said, many people would ...
An average Social Security benefit of $1,275 amounts to $15,300 annually. If we're going by the 80% rule, this amount would only work for those whose income in their last working year was $19,125.
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).