May 20, 2024 · That may be true for some, but on average, an American who reaches age 62 is projected to live an additional 20-plus years (21 years for a man and 24 for a woman), according to census data. “A lot of the population is living much longer than in the past,” Munnell says, which means “many will be supporting themselves for a long time in ...

Jan 3, 2024 · If you retire at 62 and lose your employer’s health insurance, you’ll need to find other coverage until Medicare begins. You have several options. You can transition to retiree health insurance if your employer offers it.

Oct 10, 2018 · By filing at 62, or any time before you reach full retirement age, you forfeit a portion of your monthly benefit. If you were born in 1963 or later, for instance, filing at 62 could reduce your monthly payment by as much as 30 percent. AARP’s Social Security Benefits Calculator can provide more details on how filing early reduces benefits.

Dec 17, 2024 · AARP Membership — $15 for your first year when you sign up for Automatic Renewal. Get instant access to members-only products, hundreds of discounts, a free second membership, and a subscription to AARP the Magazine.

Dec 30, 2024 · That includes if you file early for your retirement benefit — say, at 62, as in this scenario — and switch to spousal benefits later. Even if you are at full retirement age when make that switch, your total monthly payment will be less than half of your spouse’s primary insurance amount, reflecting the fact that your initial Social ...

Feb 26, 2025 · You can start collecting retirement benefits before FRA — the minimum age is 62 — but your monthly payment will be permanently reduced, by as much as 30 percent. You can also wait past FRA and reap Social Security's bonus for delaying benefits : an extra 8 percent a year until age 70, when you can claim your maximum benefit .

Apr 16, 2024 · That’s down considerably from 20 years earlier, when more than half of people starting Social Security did so at 62, despite receiving a sharply reduced monthly payment. But it’s still a lot of people potentially leaving a lot of money on the table: Claiming at 70 results in a benefit as much as 77 percent bigger than what you’d get at 62.

Dec 23, 2024 · Starting at 62, your benefits would come to $120,960 over the next eight years. Starting at 70, you’d get approximately $970 more a month, or about $11,640 more a year. It would take about 10.4 years to break even, so you’d be 80 and change when claiming your maximum monthly benefit begins to pay off in terms of total dollars.

Nov 14, 2024 · You can’t claim Social Security retirement benefits before age 62, and if you start before full retirement age (67 for people born in 1960 or later), your benefits will be reduced. In most cases , you can’t tap tax-deferred retirement accounts such as a traditional IRA or a 401(k) without incurring a 10 percent penalty until you reach ...

Oct 10, 2018 · So, if you retire at, say, age 62 and 6 months, your benefit is, in effect, prorated — you are credited for waiting six months after becoming eligible. If you were born in 1960, that works out to a 2.5-point bump: The benefit reduction is …