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Here are three reasons why. You've worked fewer than 35 years. Social Security benefits are calculated using what’s known as your average indexed monthly earnings (AIME), which is the average of ...
How early retirement reduces Social Security benefits. Even though you can start getting Social Security benefits as early as 62, that doesn’t always mean you should. Claiming benefits at 62 ...
3. You Need to Pay Down Debt There are some debts you need to tackle before you retire. If you have high-interest debt, claiming Social Security early can help you pay the debt down.
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 and ...
However, others choose to retire at 62, the earliest age you can begin withdrawing Social Security. Check Out: ... Claiming Social Security early means permanently reducing your monthly payments ...
One of the sure-fire ways to reduce your Social Security check is to claim benefits early. For those born in 1960 or later, the Social Security Administration defines full retirement age as 67.
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