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What Does Social Security Look Like for a Typical 64-year Old Claimant?

Sean Williams explains the importance of Social Security as an anti-poverty program and how benefits are calculated. He selects age 64 for his example. Claiming at that exact age means receiving a benefit early enough to enjoy while also avoiding a maximum permanent reduction of up to 30% by claiming at 62 (earliest age). However, any early claim means a “penalty.” On top of permanently reduced benefits, early filers may be subjected to the retirement earnings test if they also work. Williams cites a study that this middle-ground approach (claiming around 64) rarely works out for retirees. Simply put, waiting always yields a significantly higher benefit. So what is the average retired-worker beneficiary taking home at age 64? The answer is $1,412/mo, or $16,938 annually. While nearly 10% higher than what the average retired worker received at age 62, it’s 23.5% below the average benefit check at age 67 and 28.1% lower than the typical benefit for retired workers at age 70. Full article here.

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