The average monthly retirement benefit from Social Security is $1,781.63 as of February.
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The age at which you decide to claim Social Security benefits can significantly impact your monthly payment.
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Eligibility for Social Security starts at age 62, but claiming benefits before your full retirement age results in reduced monthly payments.
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Full retirement age varies by your date of birth, with those born in 1960 or later having a full retirement age of 67.
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Claiming benefits at 62 results in a payment that is only 70% of the full benefit, reducing the average monthly payment to $1,247.40.
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Payments increase with each month you wait to claim benefits after 62, with incremental percentages of the full benefit.
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Waiting until 63 allows you to receive 75% of the full benefit, equivalent to $1,336.50.
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At 64, you can get 80% of the full average monthly payment, which is $1,425.60.
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Claiming benefits at 65 provides 86.7% of the full benefit, reducing the average payment to $1,544.99.
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Delaying until 70 maximizes your benefit, giving you 124% of the full average monthly payment, which is $2,209.68.
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