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The lure of claiming benefits at age 62 is not having to wait to get your hands on your benefit. There's also the possibility of sweeping Social Security benefit cuts by 2033 .
Ages 62, 67, and 70 are key milestones in Social Security. Age 62 is the earliest you can claim benefits, 67 is most people's full retirement age, and 70 is when monthly benefits stop increasing ...
The age you begin claiming Social Security will permanently affect your benefit amount, so it's a decision to be made carefully. Age 62 is the earliest you can file, and it's also a popular time ...
In other words, workers born in 1960 or later can increase their benefit by 77% by claiming Social Security at age 70 rather than age 62. The $ 22,924 Social Security bonus most retirees ...
The earliest you can claim Social Security benefits is 62, but doing so could reduce your monthly benefit by up to 30% (for those whose full retirement age is 67). That said, many people would ...
An average Social Security benefit of $1,275 amounts to $15,300 annually. If we're going by the 80% rule, this amount would only work for those whose income in their last working year was $19,125.