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That can amount to a hefty reduction, sometimes shrinking your benefits by hundreds of dollars per month. In fact, the average retiree collects just $1,298 per month at age 62, according to 2023 ...
On the other hand, waiting a bit longer to take Social Security can have a big impact. If you're entitled to the average retirement benefit of $1,316 at age 62, waiting until you turn 63 would ...
The earliest you can claim Social Security benefits is 62. In general, claiming benefits before your FRA reduces them by 5/9 of 1% each month within 36 months of FRA. Beyond 36 months, Social ...
Well, as of May 2024, the average monthly retirement benefit was $1,916.63 -- or only about $23,000 per year. But that's just an average. Much depends on those factors above. Here's a look at the ...
Claiming at 62: If you claim benefits at age 62, your monthly check is reduced by up to 30% compared to what you would receive at your full retirement age. This reduction is permanent. This ...
Average annual benefit. $15,579.12. $16,077.60. Source: Social Security Administration. Data is based on December 2023 figures for 62-year-old claimers and 3.2% COLA for 2024. Even with the COLA ...
67. $1,844.83. 70. $1,963.48. Data source: Social Security Administration. As you can see, these numbers are really low. They're probably lower than you expected. Now, it's true that average ...
According to the Social Security Administration (SSA), if you were born between 1943 and 1954, your full retirement age is 66. By claiming at the age of 62, a hypothetical $1000 retirement benefit ...
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