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The maximum possible Social Security benefits at 62, 67, and 70 show how much difference a few years of waiting can make. ... difference in how you spend your retirement. Claiming at 62 results in ...
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 .
You become eligible to claim benefits on your own earnings record starting at age 62. But as previously mentioned, claiming as soon as possible comes with the drawback of a smaller check ...
Wait past full retirement age, and you receive 2/3 of 1% of your standard benefit for each month you delay. The second explanation is that low-income workers claim benefits earlier than high ...
Image source: Getty Images. You're taking a risk. As mentioned, studies show the average retiree will collect more in Social Security benefits over their lifetime if they delay until age 70.
Delaying claiming until after your FRA can boost your benefits even further. For those with a FRA of 67, waiting until 70 to file will earn you a 24% bonus on top of your full payment.
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