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A study published by the National Bureau of Economic Research in November 2022 found that 90% of workers ages 45 to 62 would maximize their Social Security by claiming benefits at age 70.
Data source: Social Security Administration. The four ages shown in the chart cover the spectrum of possible outcomes. 62 is the earliest possible claiming age, 70 is the latest sensible claiming ...
The earliest you can claim Social Security is age 62, but your monthly benefit is reduced based on how far you are from your FRA. If you're within 36 months, benefits are reduced by 5/9 of 1% monthly.
Benefits Increase by: Full Retirement Age (FRA) of 66. Full Retirement Age (FRA) of 67. 5/12 of 1% per month (5% per year) From 62 to 63. From 62 to 64
A separate analysis from the Center on Budget and Policy Priorities found that the poverty rate for adults aged 65 and above would be nearly four times higher if Social Security didn't exist -- 10 ...
Data source: Social Security Administration. Chart by author. Here's the maximum possible 2025 Social Security benefit at 62, 67, and 70. Earning a high salary throughout your career is just one ...