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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 ...
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 ...
Upon turning 62, you qualify to receive early Social Security benefits. But if you do so, the SSA pays out only reduced benefits until you reach full retirement age (FRA).
The early retirement age (age 62) has not changed, but the monthly benefit amount paid at the early retirement age is lower if a person has a higher FRA. For example, when the FRA was age 65, the early retirement benefit was 80 percent of the worker's PIA. For a person with a FRA of 67, the early retirement benefit is 70 percent of PIA.
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 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.
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