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The Social Security Administration allows you to claim checks at 62. But if you want the full benefit you've earned based on your work history, you must wait until your full retirement age (FRA) .
That means signing up for Social Security at 62 can reduce your checks by up to 30%. If you qualify for a $2,000 PIA at your FRA of 67, applying right at 62 would drop it to $1,400. That would ...
With the average 62-year-old collecting about $1,373 per month ($16,479 per year), job income above around $56,400 would completely wipe out a typical Social Security check. The good news is that ...
Image source: The Motley Fool. The earliest you can claim Social Security benefits is 62. In general, claiming benefits before your FRA reduces them by 5/9 of 1% each month within 36 months of FRA.
Simply put, if you signed up for Social Security at 62 but regret it after the fact, you can undo your filing and claim benefits again at a later age, thereby increasing them. But there's a catch.
After you turn 62, you can claim Social Security at any age. But the amount you receive varies widely depending on when you start to receive benefits. But the amount you receive varies widely ...
The point is simply to not call claiming benefits at 62 an automatic risk -- because when you think about it, claiming Social Security at any given age over another carries inherent risk.
To be sure, there is flexibility about when to claim Social Security benefits. People can claim as soon as they turn 62 years old, but the trade-off is a reduced benefit that's locked in for the ...