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Year of birth. Full retirement age. 1937 and before. 65. 1938-1942. 65 + 2 months for each year past 1937. 1943-1954. 66. 1955-1959. 66 + 2 months for each year past 1954
Here’s how the numbers break down and a break-even age for claiming Social Security. AgeAnnual benefit from age 62Annual benefit from age 70Cumulative benefit (age 62)Cumulative benefit (age 70 ...
If you are due $1,000 a month at full retirement age, then your benefit by claiming at age 62 would be reduced by 30% to $700. ... found that waiting until age 70 to claim Social Security would ...
However, age 62 is the earliest you can file for Social Security, and everyone's FRA will fall between ages 66 and 67, depending on your birth year. Social Security full retirement age chart ...
The full retirement age is set to increase again by two months, to 66 years and 10 months old, for people born in 1959. That means the higher FRA for that cohort will go into effect in 2025, with ...
2. You Have a Shorter Life Expectancy The government incentivizes waiting to collect your Social Security benefits by giving you a larger monthly amount the longer you delay.
Birth Year. Full Retirement Age. Payout From $1,000 Benefit If Taken At 62. 1943-1954. 66. $750. 1955. 66 and 2 months. $741. 1956. 66 and 4 months. $733. 1957. 66 and 6 months
If people born after 1960 claim their benefits the month they turn 62, they’ll get only 70% of what they would have received had they waited until the full retirement age of 67. The average ...