Key Points Claiming Social Security at age 62 reduces your benefit by up to 30%.The average 62-year-old claimer got $1,341.61 ...

One of the most important parts of the program, especially for married couples, is Social Security spousal benefits.

How much do you know about money? The way you answer this question determines a lot about how ready you are to retire, says ...

Many Americans in their peak earning years worry about being able to afford retirement. Here are some strategies to make sure ...

I contribute 15% to my 401(k), which is currently valued at $165,000. I also rolled over an old 401(k) with $125,000.” ...

As you can see from the table below, the median retirement savings for those aged 55-64 ($185,000) and 65-74 ($200,000) are far below that $1.26 million "magic number." ...

Everyone's eventual retirement situation — and current savings capability — is different (Image credit: LordHenriVoton / Getty Images) By Becca Stanek, The Week US published 4 weeks ago ...

If the age of eligibility for full Social Security benefits rose from 67 to, say, 70, America’s average retirement age would probably resume its upward drift, Munnell said.

The typical retirement age in 2024 was 64 for men, 62 for women. The upward trend is slow, but striking. In 1994, the average man worked to age 61, while the typical woman clocked out at 59.

But you should know that claiming benefits at 62 will mean reducing them substantially — for life. If you’re 62 now, it means your full retirement age for Social Security purposes is 67.

Full retirement age Claiming age Work History and Earning History: On average, one must work at least 10 years in the US paying FICA taxes to qualify for Social Security benefits.

At age 70, that average is $2,148.12 per month. In other words, delaying benefits from age 62 to 70 results in an additional $806.51 per month for the average retiree.