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Why raise the full retirement age?
Last week’s blog post argued that Social Security’s real retirement age is 70. Monthly benefits are highest at age 70 and are actuarially reduced for each year claimed before that age. Claiming at 62 instead of 70 lowers a hypothetical monthly benefit from $1,000 to $568. Age 70 became Social Security’s retirement age with the maturation of the Delayed Retirement Credit, which now provides an actuarially fair adjustment for benefits claimed after 66 (the current full retirement age)...Read More
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