This Is the Average Social Security Benefit for Age 62

You probably know that while the official full retirement age -- or FRA -- for filing Social Security retirement benefits is between 66 and 67 (depending on when you were born), you can claim as early as the age of 62. Doing so, however, dramatically reduces the size of your monthly payment.To this end, what's the average monthly benefit for anyone who's opted to file for Social Security benefits at this earliest-possible age? Keep reading.For perspective, the overall average monthly Social Security payment right now is $2,071, while the average benefit being collected by 67-year-olds is a comparable $2,016 per month. As of the end of last year, however, the typical monthly payment 62-year-olds receive is a much-lower $1,424.40. That's roughly 30% less than the average, or the benefit resulting from waiting to claim at your full retirement age.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool