The Troubling Trade-Offs: When Do You Collect Social Security

Thursday, July 11, 2019

When Do You Collect Social Security

Theres really only one big decision you have to make about Social Security and thats when to take it. En español The earliest you can start collecting retirement benefits is age 62.

Social Security Retirement Benefits While Working

More than the benefit you would receive each month if you start getting benefits at age 62 a difference of 545 each month.

When do you collect social security. For example the earliest age you can collect your Social Security retirement benefits is 62 but there is an exception for widows and widowers who can begin benefits as early as 60. While you can begin receiving Social Security benefits as early as age 62 your benefit amount is reduced for each month that you begin collecting before your full retirement age. KY3 - Were back with financial advisor Joe LaTour to talk about what you should do when getting ready to collect social security.

You can claim Social Security retirement benefits as early as age 62 but your benefits will be permanently reduced by up to 30. When Can I Collect Social Security. Your spouse or ex-spouse also must be living.

However Social Security reduces your payment if you start collecting before your full retirement age or FRA. You can collect the full benefit if you wait until full retirement. To claim Social Security spousal benefits youll need to meet certain criteria including being at least age 62 in most cases.

To report a correction or typo please. Also known as Supplemental Security Income SSI you can receive Social Security retirement benefits as long as youre at least 62 years old and have at least 40 work credits. This is important because Social Security benefits are not paid for partial months.

You can also continue to work. Work credits are earned when you pay Social Security taxes on income you earned from a. You qualified for monthly Social Security benefits in December 1956 or the person on whose record your payments are based died or got a disability while in the US.

Military service and was not dishonorably discharged5 You qualify for benefits based on your earnings and are in active military service or had covered railroad employment6. Social Security Retirement is a monthly cash payment that you receive after you turn 62. If youre eligible for Social Security you can start collecting your benefits as early as age 62.

Doing a break-even analysis can help you determine when youd come out. If you file for Social Security at full retirement age which for todays workers is 66 67 or somewhere in between youll get the full monthly benefit amount youre entitled to. You get a do-over.

Retirement may be longer than you think. But unless youve reached your full or normal retirement age. When thinking about retirement be sure to plan for the long term.

Thus for people who turn 62 in April only those born on April 1 and April 2 are able to receive a benefit in the month when they turn 62. You can collect Social Security as early as age 62 but your benefits will be permanently reduced. At this age however you would receive a smaller benefit than if you waited until 66 or later.

Many of us will live much longer than the average retiree and most women live longer than men. Regardless of your full Social Security retirement age which ranges from 65 to 67 you. Your Social Security retirement age and the amount you receive varies depending on several factors.

It gradually rises to 67 for those born in 1960 or after. According to current regulations the full benefit age is 66 years and 2 months for those born in 1955. In order to receive benefits for a given month a beneficiary must be eligible for those benefits every day of that month.

Even if youre already collecting Social Security you might still have an opportunity to snag yourself a higher monthly benefit. Keep in mind that the criteria for spousal benefits varies depending on whether youre married or divorced. You can apply once you reach 61 years and 9 months of age.

When Should You Receive Social Security