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Early Claiming

All articles tagged with #early claiming

business2 months ago•4 min saved

Experts Warn Americans About Early Social Security Claims

Dave Ramsey and AARP warn Americans about the implications of claiming Social Security early, highlighting how working while receiving benefits can reduce monthly payments due to income limits, but benefits are restored at full retirement age; Ramsey suggests early claiming may be suitable for those with health issues or who don't rely on benefits for daily expenses, emphasizing Social Security as a supplement, not a complete retirement plan.

via TheStreet|

#business #early-claiming #income-limits

personal-finance1 year ago•3 min saved

"Maximizing Social Security Benefits: Avoiding Common Regrets and Understanding the Impact of Early Retirement"

The average Social Security benefit at age 62 is $1,298 for retired workers, with men receiving $1,439 and women receiving $1,167 on average. Starting benefits at 62 results in a 30% reduction compared to full retirement age, but delaying until age 70 can increase benefits by about 77%. The maximum monthly benefit at 62 is $2,710, requiring a work history of at least 35 years with maximum taxable earnings. Undoing an early claiming decision is limited, with options to withdraw within 12 months or suspend benefits until age 70. It's advised to carefully consider the decision to start benefits early, especially if able to work and delay claiming.

via The Motley Fool|

#benefits #early-claiming #full-retirement-age