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A separate analysis from the Center on Budget and Policy Priorities found that the poverty rate for adults aged 65 and above would be nearly four times higher if Social Security didn't exist -- 10 ...
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 ...
Age 62: According to Social Security's 2023 Annual Statistical Supplement, the earliest possible claiming age (62) was the most popular in 2022. The logical reason 27.3% of new claimants chose to ...
According to the most recent data released by the Social Security Administration in December 2023, the average benefit among 62-year-old retired workers is just $1,298 per month.
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. Of course, if you've earned ...
According to the latest data from the Social Security Administration, the average monthly benefit for someone claiming at age 62 is $1,275. If you look at averages by gender, there's a disparity ...