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That discrepancy is magnified when comparing the maximum possible Social Security benefit at ages 62 and 70. ... someone turning 70 in 2025 could receive a benefit that's over 80% higher per month ...
The difference between someone who claims Social Security as soon as possible at age 62 and someone who waits until their benefits max out at age 70 is amplified when you look at the maximum ...
Table source: Social Security Administration. As you can see, there's a stark difference in the monthly income depending on the age you claim. A 70-year-old can receive up to $58,476 this year ...
Here's the maximum possible Social Security benefit at ages 62, 67, and 70 ... Still, someone who turned 62 this year can receive up to a 77% increase in their monthly benefit by delaying until ...
Age 62 is noteworthy because it's the earliest you can claim Social Security. The trade-off is that your monthly benefit will be reduced by 30%, assuming your full retirement age is 67.
Only then can you realize how important your claiming age is, and what impact an early (age 62), middle-ground (age 67), or late (age 70) collection approach can have on your monthly benefit.