Social Security benefits significantly contribute to retirees' incomes, and strategic timing can enhance those benefits. Retirees can claim benefits between ages 62 and 70, with the average monthly payout being $1,976. Claiming early leads to penalties, reducing monthly payments. By waiting until age 70 to claim benefits, retirees can potentially receive an extra $1,067 monthly. Understanding your full retirement age and the implications of claiming early or late is crucial for maximizing your Social Security benefits.
The average retiree could get $1,067 more in monthly payments by delaying Social Security benefits until age 70 compared to claiming them at 62.
Your Social Security benefit is impacted by the age you claim it—claiming early results in lower monthly payments, while waiting can significantly increase them.
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