Average Social Security Benefit at Ages 62 and 67 Explained
Sunday, 15 September 2024, 00:43
Understanding Social Security Benefits
The average Social Security benefit varies depending on when you start taking it, specifically at ages 62 and 67. The full retirement age for individuals born in or after 1960 is 67, which is critical for maximizing your benefits.
Average Benefits at Age 62
- The average monthly benefit at age 62 is significantly lower than at full retirement age.
- Starting benefits early results in reduced payouts.
Average Benefits at Age 67
- At age 67, beneficiaries receive higher monthly payments compared to taking benefits at age 62.
- Delaying benefits can enhance long-term financial security.
Both benefits at ages 62 and 67 are vital for retirement strategies. Individuals must weigh the advantages of waiting versus early collection to determine their best financial approach.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.