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Is Social Security Retirement Age Increasing in 2023?

By: Sahil Luthra

American Street

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Social Security 2023

The purpose is to support individuals and families to live their life being less affected after retirement.

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Social Security Retirements Age is Changing

If you start collecting your social benefits payments at the age of 62 then the amount in your monthly cheque reduces.

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Impact on Residents

The impact on people are a reduction in payment if you claim early,  lessor benefits for delaying claim and need to decide carefully about optimal age to start.

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Full Retirement Age

For those who are born in 1960 or later  the full retirement age will be 67 .

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Reduction If You Claim Social Security Early

If u start early you will be receive less payments and if you delayed Social Security up to age 70 you will receive higher monthly payments for life.

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Impact On Your Retirement Payments

Reduction in payment if you claim Social Security early,less benefits for delayed claim,need a carefull approach to select the optimal age to start Social Security.

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Social Security Annual COLA 2023

Social Security's annual cost-of-living adjustments will be applied to these reduced payments, resulting in a smaller dollar value of the inflation adjustments as well.

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Benefit Of Delay In Claiming Social Security

Your monthly Social Security payments can be  increased by delaying claiming Social Security after your full retirement age up until age 70.

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Claiming Social Security

There are fewer months to delay claiming Social Security and less of an opportunity to earn delayed retirement credits for those who have an older retirement age.

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Medicare Eligibility Age

Full retirement age has incresed over the last several years while  it has remained same 65 years for the workers who qualified for Medicare.

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Optimal Age to Start Social Security

To boost your monthly Social Security payments some ways can be opted like delaying claiming, continuing to work and coordinating benefits with a spouse.

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