The answer explains the age requirements for receiving Social Security benefits, the influence of retirement age and laws on retirement decisions, and the financial implications of different benefit start ages.
Social Security benefits can be received at different ages depending on one's birth year. For those born before 1938, full benefits can be received at age 65, while for those born in later years, the age requirement is higher. Waiting to receive benefits until later ages can result in higher payouts.
Retirement age and Social Security laws greatly influence when individuals choose to retire. The average retirement age has changed over the years, with the current average being around 65 years old. Delaying retirement can have financial benefits, especially in light of changes to pension plans post-2008 recession.
Receiving Social Security benefits at age 62 results in reduced monthly payouts, while waiting until full retirement age or even later can increase the benefit amount. Social Security serves as an important financial support for many retired individuals, but it is advisable to plan for additional retirement income sources beyond Social Security.
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