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By claiming at the age of 62, a hypothetical $1000 retirement benefit would be reduced by 25% and you would only receive $750 per month. A $500 monthly spousal benefit would be reduced to $350.
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 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 ...
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 ...
The average monthly Social Security benefit for retired workers at age 70 is about $757 more than the average payout at age 62. ... at ages 62 and 70. In other words, the chart details the ...
The age you begin claiming Social Security will permanently affect your benefit amount, so it's a decision to be made carefully. Age 62 is the earliest you can file, and it's also a popular time ...
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