Starting Your Retirement Benefits Early ( En español )

    You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.

    If you start receiving benefits early, your benefits are reduced a small percent for each month before your full retirement age .

    To find out how much your benefit will be reduced if you begin receiving benefits from age 62 up to your full retirement age, use the chart below and select your year of birth. This example is based on an estimated monthly benefit of $1000 at full retirement age.

    Full Retirement and Age 62 Benefit By Year Of Birth

    Year of Birth 1. Full (normal) Retirement Age Months between age 62 and full retirement age 2. At Age 62 3. A $1000 retirement benefit would be reduced to The retirement benefit is reduced by 4. A $500 spouse's benefit would be reduced to The spouse's benefit is reduced by 5. 1943-1954 66 48 $750 25.00% $350 30.00% 1955 66 and 2 months 50 $741 25.83% $345 30.83% 1956 66 and 4 months 52 $733 26.67% $341 31.67% 1957 66 and 6 months 54 $725 27.50% $337 32.50% 1958 66 and 8 months 56 $716 28.33% $333 33.33% 1959 66 and 10 months 58 $708 29.17% $329 34.17% 1960 and later 67 60 $700 30.00% $325 35.00%
    1. If you were born on January 1 st , you should refer to the previous year.
    2. If you were born on the 1 st of the month, we figure your benefit (and your full retirement age) as if your birthday was in the previous month. If you were born on January 1 st , we figure your benefit (and your full retirement age) as if your birthday was in December of the previous year.
    3. You must be at least 62 for the entire month to receive benefits.
    4. Percentages are approximate due to rounding.
    5. The maximum benefit for the spouse is 50 percent of the benefit the worker would receive at full retirement age. The percent reduction for the spouse should be applied after the automatic 50 percent reduction. Percentages are approximate due to rounding.

    Before You Make Your Decision

    There are advantages and disadvantages to taking your benefit before your full retirement age. The advantage is that you collect benefits for a longer period of time. The disadvantage is your benefit will be reduced. Each person's situation is different. It is important to remember:

    • If you delay your benefits until after full retirement age, you will be eligible for delayed retirement credits that would increase your monthly benefit.
    • That there are other things to consider when making the decision about when to begin receiving your retirement benefits.

    If you decide to delay your benefits until after age 65, you should still apply for Medicare benefits within three months of your 65th birthday. If you wait longer, your Medicare medical insurance (Part B) and prescription drug coverage (Part D) may cost you more money.

    What age can I collect Social Security?
    age 62 You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase. more
    Do nuns collect Social Security?
    There was more provision really for what happens to nuns when they get old. In 1972 they finally were able to get into the Social Security system, so they have now a very small social security income. more
    Do Catholic priests collect Social Security?
    The archdiocese says a typical priest can expect to receive a Social Security benefit of $950 a month, assuming he works until 72. Although that is older than the normal retirement age for Americans, the archdiocese says it reflects its priests' tendency to stay active late in life. more
    Can millionaires collect Social Security?
    You don't have to need Social Security benefits to collect them: every eligible American can collect benefits at retirement, and that includes millionaires. In 2010, 47,535 millionaires received Social Security benefits totaling $1.438 billion. more
    Can Amish collect social security?
    The court also accepted appellee's contention that the Amish religion not only prohibits the acceptance of social security benefits, but also bars all contributions by Amish to the social security system. more
    Can I collect spousal benefits and wait until I am 70 to collect my own Social Security?
    You can only collect spousal benefits and wait until 70 to claim your retirement benefit if both of the following are true: You were born before Jan. 2, 1954. Your spouse is collecting his or her own Social Security retirement benefit. more
    Can I collect ex spousal benefits and wait until I am 70 to collect my own Social Security?
    You can only collect spousal benefits and wait until 70 to claim your retirement benefit if both of the following are true: You were born before Jan. 2, 1954. Your spouse is collecting his or her own Social Security retirement benefit. more
    Can autistic adults collect Social Security?
    Conditions like autism are recognized by the Social Security Administration (SSA) as potentially disabling and may be able to qualify you or your child for Social Security Disability (SSD) benefits through one of both of the SSA's disability programs. more
    Do millionaires collect Social Security?
    In the eyes of the IRS, investment income, such as dividends from stocks and interest from bonds, doesn't count as “earned income.” As many millionaires and billionaires inherited their wealth and live off investment income, this means they don't pay Social Security taxes and are thus ineligible for retirement benefits more
    Can I collect survivor benefits and wait until I am 70 to collect my own Social Security?
    The earliest a widow or widower can start receiving Social Security survivors benefits based on age will remain at age 60. Widows or widowers benefits based on age can start any time between age 60 and full retirement age as a survivor. more
    Can I collect Social Security while waiting for Social Security disability?
    Hi, Yes, it's possible to draw reduced retirement benefits while your disability claim is pending. However, your benefit rate will be permanently reduced if you are paid for any months prior to your month of disability entitlement. more

    Source: www.ssa.gov

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