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The table shows that retirement at age 62 results in substantial reductions in monthly benefits. Please note that relatively few people can begin receiving a benefit at exact age 62 because a person must be 62 throughout the first month of retirement.
You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits only when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.
With delayed retirement credits, a person can receive his or her largest benefit by retiring at age 70. Early retirement reduces benefits. In the case of early retirement, a benefit is reduced 5/9 of one percent for each month before normal retirement age, up to 36 months.
If you file early, Social Security reduces the monthly payment by 5/9 of 1 percent for each month before full retirement age, up to 36 months, and 5/12 of 1 percent for each additional month. Suppose you were born in 1962 and will turn 62, the earliest age to claim retirement benefits, in 2024.
It is possible to retire early at age 55, but most people are not eligible for Social Security retirement benefits until they're 62, and typically people must wait until age 59 ½ to make...
You can start collecting Social Security benefits as early as age 62. However, your benefit will be reduced if you begin collecting payments before your full retirement age, generally age 66...
To know how early retirement will impact your Social Security benefit, consider the following: How to qualify for Social Security. How your Social Security benefit is calculated.