If you are at least 62 years of age and you wish to apply for retirement or spouse’s benefits, you can use our online retirement application to apply for one or both benefits. If you are divorced and your marriage lasted at least 10 years, you may be able to get benefits on your former spouse’s record.
Full Answer
Why not to take Social Security at 62?
There are exceptions, though:
- Your earned income will be below the annual earnings limit, so your benefits won't be withheld. 5
- You have health issues and/or a shorter-than-average life expectancy, and, if married, your spouse has a larger benefit than your own.
- You have no other accounts to withdraw from and no way to earn income, so you must take Social Security at 62.
What are the requirements to collect Social Security at 62?
- If you were born on January 1st, you should refer to the previous year.
- If you were born on the 1st of the month, we figure your benefit (and your full retirement age) as if your birthday was in the previous month. ...
- You must be at least 62 for the entire month to receive benefits.
- Percentages are approximate due to rounding.
When taking social security at 62 could be wise?
You can begin withdrawing from Social Security at age 62, but there are some good reasons to wait. Your benefits will be reduced until your full retirement age if you make more than the annual earnings limit. If your benefits won't be reduced, or if you don't have any other accounts to withdraw from, you might need to begin withdrawing at age 62.
Should you start Social Security at 62?
The benefit of signing up for Social Security at 62 is that you get your money as soon as you're eligible, and you're not taking on the financial risk of dying at a relatively young age.
How do I claim my Social Security at 62?
You can apply:Online; or.By calling our national toll-free service at 1-800-772-1213 (TTY 1-800-325-0778) or visiting your local Social Security office. ... If you do not live in the U.S. or one of its territories, you can also contact your nearest U.S. Social Security office, U.S. Embassy or consulate.
What is the average Social Security benefit at age 62?
At age 62: $2,364. At age 65: $2,993. At age 66: $3,240. At age 70: $4,194.
When should I apply for Social Security if I want to collect at 62?
You can apply up to four months before you want your retirement benefits to start. For example, if you turn 62 on December 2, you can start your benefits as early as December. If you want your benefits to start in December, you can apply in August.
What do I need to do before I turn 62?
Read on to learn more about some of the key financial planning strategies you'll want to consider when you turn 62.Make A Social Security Plan. Social Security is a whole different ball game for high-net-worth individuals. ... Avoid Tax Headaches. ... Consider Long-Term Care. ... Create Some Retirement Goals.
Can I draw Social Security at 62 and still work full time?
Can You Collect Social Security at 62 and Still Work? You can collect Social Security retirement benefits at age 62 and still work. If you earn over a certain amount, however, your benefits will be temporarily reduced until you reach full retirement age.
How long does it take to start receiving Social Security benefits after applying?
The Social Security approval process is relatively speedy, but as it is a government program with a huge number of applicants, you can expect to wait approximately six weeks before you get your approval for benefits.
Can I enroll in Medicare at age 62?
The typical age requirement for Medicare is 65, unless you qualify because you have a disability. 2. If you retire before 65, you may be eligible for Social Security benefits starting at age 62, but you are not eligible for Medicare.
How soon after your birthday do you get your first Social Security check?
Social Security benefits are not prorated. They start the month following the birthday. The schedule, according to AARP, follows this rule: When the birth date falls between the 1st and 10th of the month, the payment is issued on the second Wednesday of the month following the birthday month.
Is it better to apply for Social Security online or in person?
While some may prefer to apply in person at their local Social Security office, an increasing number of retirees are finding it easier and more convenient to claim their benefits by retiring online at www.socialsecurity.gov.
Apply for Retirement Benefits
Starting your Social Security retirement benefits is a major step on your retirement journey. This page will guide you through the process of applying for retirement benefits when you’re ready to take that step. Our online application is a convenient way to apply on your own schedule, without an appointment.
Ready To Retire?
Before you apply, take time to review the basics, understand the process, and gather the documents you’ll need to complete an application.
How Can I Apply for Social Security at Age 62?
Your Social Security eligibility begins during the first full month in which you are age 62, which is the month after your birthday in most cases. You can apply for Social Security four months before that date. For instance, if you turn 62 in May, you can apply in February to begin receiving benefits from Social Security in June.
Why Apply Early?
The advantage of early application for Social Security benefits is the extended period over which you will receive these payments. This can be an important motivating factor for those who may need to retire early for various reasons.
The Downside of Early Applications
Applying for Social Security benefits at age 62 can lower the amount of your monthly benefits by as much as 30%. This can significantly reduce the available funds you will have to enjoy your retirement.
Why Waiting May Make Sense
Waiting until your FRA to apply for Social Security can increase the amount you receive in benefits each month. You will receive an 8% increase in your benefit payment for every year you delay receiving benefits.
Ways to Apply
You can complete an application for Retirement, Spouse's, Medicare or Disability Benefits online.
Retirement or Spouse's Benefits
You can apply online for Retirement or spouse's benefits or continue an application you already started.
Disability Benefits
You can apply online for disability benefits or continue an application you already started.
Appeal a Disability Decision
If your application for disability benefits was denied recently for medical reasons, you can request an appeal online or continue working on an appeal you already started.
Medicare Benefits
You can apply online for Medicare or continue an application you already started.
Extra Help with Medicare Prescription Drug Costs
You can apply online for Extra Help with Medicare prescription drug costs.
Supplemental Security Income (SSI) Benefits
If you want to apply for Supplemental Security Income (SSI), please read:
What are the advantages and disadvantages of taking your retirement benefits 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.
What happens if you delay your retirement?
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.
Is it better to collect your retirement benefits before retirement?
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.
Although you'll receive reduced checks by claiming early, you can still receive thousands of dollars per month
The age at which you file for Social Security benefits will have a major impact on the amount you receive each month. While you can receive larger monthly payments by delaying benefits, many workers choose to file as early as possible at age 62. That can be a smart strategy in many cases, and there are several advantages to claiming early.
How the length of your career affects your benefits
One of the most important factors when it comes to your benefit amount is the number of years you've worked. Most people become eligible for Social Security retirement benefits once they've earned income for 10 years, but you'll need to work for at least 35 years to receive the maximum benefit amount.
How much you'll have to earn to reach the maximum benefit amount
Your income is another crucial factor in reaching the highest benefit amount. The more you're earning, the more you'll be eligible to collect in benefits -- up to a certain point.
What if your earnings are falling short?
If you're earning enough to reach the maximum benefit amount, that's fantastic. But the average worker will struggle to reach the income limits, and not everyone can afford to work 35 years before claiming.
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How old do you have to be to get spouse's Social Security?
To qualify for spouse’s benefits, you must be one of these: At least 62 years of age.
When will my spouse receive my full retirement?
You will receive your full spouse’s benefit amount if you wait until you reach full retirement age to begin receiving benefits. You will also receive the full amount if you are caring for a child entitled to receive benefits on your spouse’s record who is younger than age 16 or disabled.
What happens if your spouse's retirement benefits are higher than your own?
If your benefits as a spouse are higher than your own retirement benefits, you will get a combination of benefits equaling the higher spouse benefit. Here is an example: Mary Ann qualifies for a retirement benefit of $250 and a spouse’s benefit of $400.
How old do you have to be to get Social Security?
This rule doesn’t mean that everyone has to wait until the month after their 62nd birthday to be eligible for benefits. The Social Security rules follow the English common law that says a person attains an age on the day before their birthday.
What is the effective birthday for Social Security?
For example, if your birthday is June 18, then your “effective” birthday is June 17. If you’re born on the first day of the month, the Social Security Administration deems you to have changed ages on the last day of the prior month. If you’re born on the second day of the month, your effective birthday is the first day of the month.
What is the second day of the month for Social Security?
Those born on the second day of the month are eligible in that month for an unreduced benefit. The weird part of the rule is for those who are born on the first of the month. They’re deemed to have turned 62 on the last day of the prior month. Therefore, the Social Security Administration actually counts those people as 62 and 1 month in ...
Why is Dan entitled to Social Security benefits in June?
He would be entitled to benefits in June because of the rule that pushes his birthday to the previous month. The benefit would also be equal to the amount he could receive if he filed at 62 and 1 month. Dan, who was born on June 2, has an effective birthday of June 1 according to the SSA.
How long do you have to file for Social Security before you get your check?
Because you receive your payments one month in arrears — and to avoid other snags that could come up — file at least 90 days before you want your Social Security checks to start. Now that you have this information, I hope you won’t be surprised like Cheryl.
When will Social Security pay my first check?
When planning your retirement income, the first thing to know about Social Security benefits is that they are paid one month in arrears. This means if you’re eligible for benefits beginning in June, you won’t receive your first check until July. The day of the month is dependent on your date of birth:
When do you get your unemployment benefits if you are born after the first month?
For everyone born after the first or second of each month, they’ll have to wait until the calendar month is up before they are eligible for benefits. Thankfully, this “throughout the month” rule doesn’t work the same when you attain full retirement age. You’re eligible for an unreduced benefit beginning in the month you turn full retirement age ...
