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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 benefits at 62 means getting $1,400 a month instead. If you live until age 78 1/2, things will mostly even out -- meaning, you'll collect roughly the same lifetime benefit regardless of ...
As the Social Security Administration (SSA) points out, it is perfectly fine to work full time and collect Social Security when you turn the eligible-to-collect age of 62. Whether you should, in ...
I also know that if I delay my Social Security claim past full retirement age, I can boost my monthly benefit by 8% a year until age 70. This gives me the opportunity to collect a much higher check.
But many people who claim Social Security at 62 don't have large savings to fall back on. So if you're in that boat, you'll need to think about how you'll make up for those missing monthly payments.
In that scenario, you lose out on income by claiming Social Security at 62 to invest the money. And an 8% return in an investment portfolio is not a shabby one at all. You may not want to file ...
Her husband was able to work a little on top of collecting Social Security. Since Lambert was self-employed and not earning a high income, had she started taking her Social Security at age 62, it ...
Average in more working years. Social Security benefits are now based on an average of a worker's 35 highest paid annual salaries with zeros averaged in if there are fewer than 35 years of covered wages. The averaging period could be increased to 38 or 40 years, which could potentially reduce the deficit by 10% to 20%, respectively. [citation ...
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