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With a better understanding of the positives and drawbacks of these three claiming ages, let's examine what the average Social Security benefit is at 62, 67, and 70.
In fact, according to 2023 data from the Social Security Administration, the average retiree collects around $1,884 per month in benefits at age 67 compared to $1,298 monthly at 62 -- a difference ...
Conversely, collecting at age 62 can permanently reduce monthly payouts by 25% to 30%, as well as expose beneficiaries to other penalties for filing early, such as the retirement earnings test ...
The average retired worker collects around $1,298 per month at age 62 and roughly $1,884 per month at age 67, according to data released by the Social Security Administration in December 2023.
The age at which you begin collecting a Social Security check can ... Age 62. Age 63. Age 64. Age 65. Age 66. Age 67. Age 68 ... This represents a 57% difference in average monthly payout between ...
The average retiree can expect to receive around $586 more per month at age 67 compared to 62. According to 2023 data from the Social Security Administration, the average benefit amount at age 62 ...
Social Security's monthly and lifetime payout pendulum ... waits to collect their payout, beginning at age 62 and continuing until age 70, their benefit can increase by as much as 8% ...
For someone whose FRA is 67, claiming benefits at 62 will reduce their monthly payout by 30%. For example, if you were due to receive $2,000 at your FRA of 67, claiming at 62 would bring it down ...