Understanding Social Security Benefits at Age 62: Impacts, Strategies, and Considerations
Monday, 15 April 2024, 08:11
Understanding Social Security Benefits at Age 62
Is it worth it to claim your benefits as soon as possible? Many Americans don't wait much longer than they have to before they start collecting Social Security retirement benefits.
Most people first become eligible for benefits at age 62, and claiming as soon as possible often means they can start their retirement sooner. Social Security is an important source of income in retirement for the majority of older Americans, according to an annual Gallup poll. Without it, retirees may not have enough to make ends meet.
- Claiming early: Results in immediate financial support but may lead to reduced long-term benefits.
- Claiming late: Essential for boosting retirement income in the long run.
- Considerations: Factors such as earnings record, full retirement age, and claiming age impact benefit calculations.
How the government calculates your Social Security benefits
- Your earnings record: Determines your average monthly earnings for benefit calculation.
- Your full retirement age: Impacts when you will receive your full benefit amount.
- Your claiming age: Affects the percentage of your primary insurance amount you receive based on when you start claiming.
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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.