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1. You'll be slashing your monthly benefit for life. Many people are aware that claiming Social Security at age 62 means accepting a reduced monthly benefit for the remainder of their retirement ...
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 ...
Check the box to indicate that you are an adult age 18 or older, then select one of the following boxes: Retirement (You worked and paid Social Security taxes) if you’ll collect on your own ...
Any time you take Social Security before your full retirement age, you’ll have to accept a reduced benefit. Your benefit will be 6.66% lower for each year of early benefits. If you start them at ...
The maximum benefit depends on the age you retire. The SSA provides this example: If you retire at full retirement age (67) in 2023, your maximum benefit would be $3,627. However, if you retire at ...
According to the Social Security Administration, the earliest you can be eligible to receive benefits is 62 years of age — but you must be 62 for the entire month. This means if you turn 62 on ...
Their benefits get slashed. But those reduced benefits can add up. If you take Social Security before full retirement age, you should expect a 30% reduction in monthly benefits, according to Fidelity.
62 versus 70 explained. As of February 2023, the average Social Security retirement benefit was $1,782 per month, or $21,384 per year. But the numbers only tell a small part of the story, since ...
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