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Social Security Cuts up to 30% for Millennials

Christy Bieber explains recent research showing that if young people follow through on their current retirement plans, they’re at serious risk of shrinking Social Security benefits by 30%. Why? The average age when millennials say they’ll retire is 61, according to the Allspring Retirement Study. Bieber explains the formulas that calculate reduced payments by collecting at ages 62-66 rather than waiting until full or max retirement age, 67 and 70, respectively. Full piece here.

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