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Year of birth. Full retirement age. 1937 and before. 65. 1938-1942. 65 + 2 months for each year past 1937. 1943-1954. 66. 1955-1959. 66 + 2 months for each year past 1954
As a general rule of thumb, Social Security benefits are designed to replace about 40% of pre-retirement income. It will be more if you were a lower earner, or less if you are a higher earner.
For Social Security purposes, claiming benefits before full retirement age, which for most people is 67, means you’ll be penalized. Waiting to claim benefits after full retirement age, on the ...
RELATED: Here are all the states that tax Social Security income: No matter when your full retirement age is, you can claim and start collecting your benefits as early as age 62 and as late as age ...
Concerns over how the Social Security system will hold up under an avalanche of new retirees have the federal government coming up with all kinds of ways to encourage people to save for retirement
Calculating your Social Security benefit. The average monthly Social Security benefit for a retired worker is $1,909 (as of January 2024). But that number could be much less if you don’t work ...