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Why does my payment increase if I wait past age 62 to claim Social Security benefits?

Social Security works by the principle that over the course of a retirement, you should be paid the same total amount regardless of the age at which you start benefits. Monthly payment levels are calculated so that if you begin reduced benefits at 62, you will receive (based on average life expectancies) the same total amount as if you start at 70 or any age in between.

Published October 10, 2018

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