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Social Security: What retiring at 62 or 67 means

Millions of Americans retire each year to collect their Social Security benefits, but they have the choice to retire as early as age 62.

social security cards with cash representing retirement benefits

There are both benefits and consequences to choosing to retire at 62 instead of your full retirement age of 67.

If you start collecting earlier, you’ll see your benefits each month be worth less than if you waited.


Social Security: Income limits and what that means for your benefits

Why retirement age matters for Social Security

When retiring at 62 instead of your full retirement age of 66 or 67, you can expect a 30% drop in benefits.

Your FRA depends on the year you were born.

Waiting for your FRA you can expect 100% of your full benefits.

You could also work until you turn 67 and choose to retire, boosting your salary or filling in gaps where you may not have been employed.

DiSanto Propane (Billboard)

Be careful not to miss out on up to over $1,600 in spousal benefits

The Social Security Administration looks at your 35 highest earning years.

This means if you only have 33 years, two years worth $0 will be averaged into your Social Security benefits.

If you’re missing years or want to boost your highest working years, working from 62-67 could help with that.

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