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When to claim Social Security Benefits

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@SteveS2020 

 

Let me correct my comment that the PIA will remain the same for those three situations...take benefits at age 62, age 66, and age 70. I guess I am too sleepy.


The PIA at age 62 is expected to be smaller than for the other two ages. This is because you are losing out on the income for those 4 years from age 62 to 66 (ie: years for your ages 63 through 66). Presumably this will bring down your averaged income for the 35 highest-earning years.

 

So the drag of retiring and taking benefits at age 62 may have a profound effect because the drag of (1) smaller income base and (2) penalty of the early retirement benefit.  Ouch!

 

 

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