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The average monthly Social Security benefit is approximately $2,002. If individuals opt to claim at age 65, which is two years before the full retirement age of 67 for those born in 1960 or later, their monthly payments could be reduced by about 13.34% to around $1,735.
While Medicare eligibility begins at age 65, enrollees are not required to sign up for it immediately, though late enrollment can lead to a lifelong 10% surcharge on Part B premiums for each 12-month delay. If individuals choose to enroll in Medicare and also claim Social Security at 65, their Part B premiums will be deducted automatically from their Social Security benefits.
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