This Is the Average Social Security Benefit for Age 70

Social Security is a complex program. Retirees can choose to claim benefits at different ages, as early as age 62 and as late as age 70.There are, of course, trade-offs; the big one is that the earlier you claim benefits, the greater the benefits are reduced. On the flip side, the later you claim benefits, the more likely you are to see benefits increased.It all has to do with the primary insurance amount (PIA) and the full retirement age (FRA). The PIA is the full amount of benefits you are entitled to at your FRA, which is 67 for those born in 1960 or after. For each month you claim benefits prior to your FRA, your benefits will be reduced by a small percentage. Claiming benefits at age 62 can reduce your benefits by 30%.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool