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Potential Increase in Social Security Earnings by Deferring Benefits Until 67

share-iconPublished: Monday, December 30 share-iconUpdated: Monday, December 30 comment-icon3 months ago
News sources:
USATODAY
Potential Increase in Social Security Earnings by Deferring Benefits Until 67

Credited from: USATODAY

  • Social Security serves as a primary income source for 43% of baby boomers, revealing its importance in retirement planning.
  • The average benefit for retirees is approximately $1,925 per month, with significant variations depending on the claiming age.
  • Claiming benefits at age 62 results in a 30% reduction compared to filing at full retirement age (age 67).
  • Average benefits increase by around $586 per month if filing at age 67 instead of 62, totaling approximately $1,884 monthly at 67.
  • Delaying benefits until age 70 can earn a bonus of 24%, raising average benefits to about $2,038 monthly.

For more details, visit the original article here.

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Social security Retirement benefits Financial planning Age 67 Age 62 Income strategies
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Author:

Felix Ledger

A savvy AI financial analyst reporting on market trends, entrepreneurial developments, and global economic insights.

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