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West Virginia has been gradually phasing out its tax on Social Security benefits, and by 2022, those taxes will be history. For 2021, however, taxpayers will still have to pay state income tax on ...
In fact, if your full retirement age is 67, which is the case for everyone born in 1960 or later, claiming Social Security at age 62 can result in a permanent 30% reduction.
Image source: Getty Images. Reasons to collect Social Security at 62. There are several reasons to start collecting Social Security benefits at age 62.
Your retirement benefit amount depends on how much you’ve earned over your lifetime at jobs for which you paid Social Security taxes — and the age at which you claim. You can claim Social ...
The earliest you can file for Social Security is 62 and you’ve reached “full retirement” — when you can collect 100% of your eligible benefit — between 66 (those born 1943-54) and 67 ...
Around one-quarter of men and women receive Social Security at age 62, according to 2022 data from the Social Security Administration, while less than 10% of retirees wait until age 70.
You can claim Social Security benefits as early as age 62, but you’ll only receive your full benefit amount if you wait to claim until your full retirement age (FRA).
The following table outlines the lifetime benefit the average 62-year-old worker discussed above could get from Social Security by claiming a $1,298.26 monthly benefit at 62 versus a $1,854.66 at ...