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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. Taking your payout ...
According to the most recent data released by the Social Security Administration in December 2023, the average benefit among 62-year-old retired workers is just $1,298 per month.
What's the average Social Security benefit at ages 62, 66, and 70? With a better understanding of the dynamics that go into Social Security benefits, let's dig into the meat and potatoes of why 62 ...
The earliest you can claim Social Security benefits is 62, but doing so could reduce your monthly benefit by up to 30% (for those whose full retirement age is 67). That said, many people would ...
Source: Social Security Administration. Chart by author. Note that as of November, the average monthly Social Security benefit was $1,925 -- or about $23,000 annually.
The average monthly Social Security benefit for retired workers at age 70 is about $757 more than the average payout at age 62. ... Here's the Average Social Security Benefit at Ages 62, 65, and ...
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).
The following table outlines the lifetime benefit the average 62-year-old worker discussed above could get from Social Security by claiming a $1,298.26 monthly benefit at 62 versus a $1,854.66 at ...