The Average Social Security Benefit at Age 62: A Closer Look
Saturday, 9 March 2024, 08:44
Factors Influencing Social Security Benefits
An early Social Security claiming age like 62 may not always be the best choice for retirees. Understanding your earnings, work history, full retirement age, and claiming age is crucial.
Calculating Your Social Security Benefit
- Your 35 highest-earning years determine your monthly benefit.
- Having at least 35 years of work history is essential to maximize payouts.
- Your full retirement age and claiming age affect the final benefit amount.
Patience Pays Off: Waiting to claim Social Security can increase your benefit by up to 8% annually from age 62 to 69.
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.