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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).
What's the average Social Security benefit at ages 62, 67, and 70? ... to make ends meet during retirement. The $ 22,924 Social Security bonus most retirees completely overlook.
Using data from the University of Michigan's Health and Retirement Study, United Income extrapolated the Social Security claiming decisions of 20,000 workers to determine if they were optimal.
Claiming at 62 will result in a major benefit reduction. ... it could still be a strong choice for your retirement. The $ 22,924 Social Security bonus most retirees completely overlook.
Say you're eligible for a $2,000 monthly Social Security benefit at age 67, which is full retirement age for anyone born in 1960 or later. If you sign up at age 62 instead, your monthly benefit ...
That discrepancy is magnified when comparing the maximum possible Social Security benefit at ages 62 and 70. ... Retirement Age. 62. 66. 67. 70. Maximum monthly benefit in 2024. $2,710. $3,652 ...