Average Social Security benefits by claiming age: What retirees get at 62, 67, and 70
By
Trevor Jennewine, USA TODAY
Summary
This article discusses Social Security claiming strategies for retirees, focusing on how claiming age (62 to 70) affects monthly benefit amounts. It explains that claiming at age 62 results in the smallest possible payout, while delaying benefits up to age 70 maximizes monthly income. The article also highlights a common misconception among retirees that benefits automatically increase at full retirement age even if claimed early, and provides average benefit amounts across different claiming ages.
Source
bskyAverage Social Security benefits by claiming age: What retirees get at 62, 67, and 70eu.usatoday.comKey quotes
· 3 pulledSocial Security is often the largest source of income for retired workers, so it makes sense to do everything in your power to maximize your benefit.
Yet many people shortchange themselves by claiming benefits as early as possible (age 62), in which case they get the smallest possible payout based on their work history.
Four in 10 adults think that, even if they claim Social Security early, benefits automatically increase at full retirement age.
You might also wanna read
‘I claimed Social Security at 62’: At 76, I’m working at Walmart. Why do I still owe payroll taxes?
Microsoft offers first-ever voluntary retirement buyouts to US employees
Microsoft is offering voluntary retirement buyouts for the first time in its 51-year history. Employees qualify if their years of service pl
techcrunch.com·2mo ago
37-Year-Old Defends Adult Status by Paying Parents $50 Monthly for Verizon Plan
A 37-year-old man in San Diego defends his adult credibility by clarifying that he pays his parents $50 monthly for his portion of their Ver
The Onion·8mo ago
Impact of Raising Retirement Age on Young Workers' Careers
The article discusses the impact of raising the retirement age on young people's careers and the potential consequences on wages and career
governance.fyi·11mo ago
NBER Study: Dramatic Wealth Increase for Americans 75+ While Other Age Groups Decline 1983-2022
This NBER working paper by Edward N. Wolff analyzes the dramatic shift in age-wealth profiles in the U.S. from 1983 to 2022, documenting a s
nber.org·10mo ago
Comments
Sign in to join the conversation.
No comments yet. Be the first.