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Here Is the Average Social Security Benefit if You Retire Early

It's well known that claiming Social Security early results in a lower benefit, but just how low is it?

By Matt Frankel, CFP – Sep 21, 2024 at 7:11AM EST

Most Americans know that the earlier you start collecting Social Security, the less you're going to get each month -- but just how much of a reduction are we talking about? In this video, Certified Financial Planner® Matt Frankel discusses the actual data, as well as how to tell how much you could get if you start collecting Social Security early.

*Stock prices used were the morning prices of Sept. 20, 2024. The video was published on Sept. 21, 2024.

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About the Author

Matt Frankel, CFP
Matt Frankel, CFP, is a contributing Motley Fool stock market analyst specializing in the real estate and financial sectors. Prior to The Motley Fool, Matt taught high school and college mathematics. He holds a bachelor’s degree in physics from the University of South Carolina, a master’s degree in mathematics from Nova Southeastern University, and a graduate certificate in financial planning from Florida State University. He won a SABEW award for coverage of the 2017 Tax Cuts and Jobs Act. He is also regularly interviewed by Cheddar, Globe St, The National Desk, and other TV networks and publications for his real estate, financial, stock market, and investing expertise.
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The Motley Fool has a disclosure policy.

Matthew Frankel is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through their link, they will earn some extra money that supports their channel. Their opinions remain their own and are unaffected by The Motley Fool.

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