Social Security: Here's How Much the Average Retiree Misses Out on by Claiming Early
The age at which you begin taking Social Security will directly affect your benefit amount -- sometimes by several hundred dollars per month. To receive the full benefit you're entitled to, based on your career history and earnings, you'll need to wait until your full retirement age (FRA) to file. This age will depend on your birth year, but it's 67 years old for anyone born in 1960 or later.
If you file before your FRA, you'll receive reduced payments each month. On the other hand, delaying benefits past that age will earn you your full benefit amount plus a bonus each month for the rest of your life.
Age 62 is the most popular time to claim Social Security, according to a 2020 report from the Bipartisan Policy Center, but filing that early will result in much smaller checks. Here's how much the average retiree misses out on each month by claiming before their FRA.
Source Fool.com
