While Benzinga mostly covers actionable trading ideas and news stories, we've decided to delve a bit deeper into personal finance. The team at Benzinga would like to assist readers with not just their investing endeavors, but their financial lives as a whole. And today, we continue this effort with information on when to take Social Security benefits.
Social Security benefits are available to eligible beneficiaries beginning at age 62. But, it's not always prudent to collect them immediately. Below is a discussion of how much retirees receive at various ages and when the optimal age to retire may be.
Retire Early, Receive Less per Month
Maximum benefits are only paid to those who wait until full retirement age. For most working Americans (those born during or after 1960), full retirement age is 67. According to the Social Security Administration, those in this age group will suffer the following permanent reductions in their monthly benefit at each early retirement age:
Market News and Data brought to you by Benzinga APIs- 62: about 30 percent
- 63: about 25 percent
- 64: about 20 percent
- 65: about 13.3 percent
- 66: about 6.7 percent
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Posted In: EconomicsSocial Security Administration
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in