Why Do So Many People Claim Social Security at 62?
Social Security benefits are earnings-based. Specifically, they're calculated by averaging workers' 35 highest-paid years on the job and adjusting wages for inflation. But the age at which those benefits are claimed could cause them to go up, go down, or stay the same.
Someone who claims Social Security at full retirement age will get the exact monthly benefit his or her earnings record allows for. That age, depending on year of birth, is either 66, 67, or 66 and a specific number of months. However, the Social Security Administration allows seniors to file for benefits as early as age 62, which means they have the option to get their money between four and five years ahead of full retirement age.
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