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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
The average retired-worker benefit at age 66 is $1,740 per month, which is $442 higher than the average benefit at age 62. The average retired-worker benefit at age 70 is $2,038 per month, which ...
If you claimed Social Security as early as possible — at age 62 — the maximum amount you could have received was $2,572. At full retirement age of 67, that maximum was $3,627.
According to the Social Security Administration (SSA), the average monthly retirement benefit for Security Security recipients is $1,781.63 as of February. Several factors can drag that average up ...
Raise the retirement age(s). Raising the normal retirement age by two months per year until it reaches 69 in 2034 would reduce payouts and improve solvency. Means-test benefits. A phase out of Social Security benefits for those who already have income over $48,000/year ($4,000/month) would eliminate over 20% of the funding gap.
55.67. 2022. The retirement age will gradually increase to 62 for males by 2028 and 60 for females by 2035. In 2021, the retirement age is 60.25 (age 60 and 3 months) for men and 50.33 (age 50 and 4 months) for women, the age will be increased by 3 months each year following for men and 4 months for women.
You can get Social Security retirement benefits as early as age 62, but your benefits will be reduced vs. what they would be if you waited until full retirement age.
Social Security benefits will likely play an important part in your retirement income. After all, nearly nine out of 10 people aged 65 and older were receiving benefits as of June 30, 2023.