If you claim Social Security at 65, your average monthly benefit is just over $1,600—$1,772 for men, $1,457 for women. But here’s the catch: for those born in 1960 or later, 65 isn’t even your full retirement age—it’s 67. Claiming early means a 13% cut to your eventual payout. If you’ve got other savings like a 401(k) or IRA, waiting can dramatically boost your long-term income. Your actual benefit depends on your earnings history and when you start collecting—knowing this difference is key to smart retirement planning.
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