What's the best age to begin Social Security benefits?
Key Points
- Seniors can file for Social Security at a variety of ages.
- Age 62 is the earliest opportunity to sign up.
- Before you hurry to claim benefits at 62, consider the drawbacks of doing so.
Should you take Social Security at age 62 or 70?
You can start taking it as early as age 62 (or earlier if you are a survivor of another Social Security claimant or on disability), wait until you've reached full retirement age or even until age 70.
When should you start claiming Social Security benefits?
You get flexibility when it comes to filing for Social Security. Whether you should file upon retirement ... age 65 but don't need your benefits right away to pay your bills, then it could make sense to hold off until FRA to claim then.
What is the maximum age for Social Security benefits?
- $2,324 for someone who files at age 62
- $3,113 for someone who files at full retirement age — more on this below
- $3,895 for someone who files at age 70
Can you collect Social Security at 62 and still work?
You can get Social Security retirement or survivors benefits and work at the same time. But, if you're younger than full retirement age, and earn more than certain amounts, your benefits will be reduced.
Is it better to take Social Security at 62 or 67?
The short answer is yes. Retirees who begin collecting Social Security at 62 instead of at the full retirement age (67 for those born in 1960 or later) can expect their monthly benefits to be 30% lower. So, delaying claiming until 67 will result in a larger monthly check.
What is the earliest age you can file for Social Security benefits?
age 62You 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.
What is the average Social Security benefit at age 62?
According to payout statistics from the Social Security Administration in June 2020, the average Social Security benefit at age 62 is $1,130.16 a month, or $13,561.92 a year.
Do I get Medicare if I retire at 62?
Medicare is health insurance coverage for people age 65 and older. Most people will not qualify for Medicare at age 62.
How much money can you have in the bank on Social Security retirement?
$2,000You can have up to $2,000 in cash or in the bank and still qualify for, or collect, SSI (Supplemental Security Income).
What is the average Social Security benefit at age 62 in 2021?
At age 62: $2,364. At age 65: $2,993. At age 66: $3,240. At age 70: $4,194.
Can I retire at 55 and collect Social Security?
Can you retire at 55 to receive Social Security? Unfortunately, the answer is no. The earliest age you can begin receiving Social Security retirement benefits is 62.
Can I retire at 57 and collect Social Security?
The short answer is no, you're not eligible to receive Social Security retirement benefits at age 57. The earliest you can begin taking Social Security for retirement is age 62. So if you plan to retire at 57 you'll be waiting at least five years before you can claim those benefits.
Is Social Security based on the last 5 years of work?
A: Your Social Security payment is based on your best 35 years of work. And, whether we like it or not, if you don't have 35 years of work, the Social Security Administration (SSA) still uses 35 years and posts zeros for the missing years, says Andy Landis, author of Social Security: The Inside Story, 2016 Edition.
How much will I get from Social Security if I make $30000?
1:252:31How much your Social Security benefits will be if you make $30,000 ...YouTubeStart of suggested clipEnd of suggested clipYou get 32 percent of your earnings between 996. Dollars and six thousand and two dollars whichMoreYou get 32 percent of your earnings between 996. Dollars and six thousand and two dollars which comes out to just under 500 bucks.
How much Social Security will I get if I make $60000 a year?
That adds up to $2,096.48 as a monthly benefit if you retire at full retirement age. Put another way, Social Security will replace about 42% of your past $60,000 salary. That's a lot better than the roughly 26% figure for those making $120,000 per year.
What is the maximum amount of retirement benefits for spouse?
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.
What happens if you delay taking your full retirement?
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.
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.
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:
How long do you have to withdraw Social Security?
Sometimes, life changes occur after you submit your application. You have up to 12 months to withdraw your application, if you change your mind. You will be required to repay any benefits you’ve already received. Learn more about Withdrawing Your Social Security Retirement Application.
How long does it take to appeal a decision?
You have a right to appeal any decision we make about whether you’re entitled to benefits. You must request an appeal in writing within 60 days of receiving our decision. There are four levels of appeal:
What is administrative hearing?
A hearing before an administrative law judge.
How old do you have to be to get unemployment?
You must be at least age 62 for the entire month to be eligible to receive benefits. If you were born on the first or second day of the month, you meet this requirement in the month of your 62nd birthday. If you were born on any other day of the month, you do not meet this requirement until the following month.
What to do if you get stuck on a question?
If you get stuck on a question, you can skip to the next question and come back later.
When do you get your Social Security check?
If you are due benefits for the month of December, you will receive your first check in January for December.
Can you be held liable for false information?
You’ll have a chance to review your answers and make changes, if needed. Once you’ve filled everything out, we’ll ask you to confirm that your answers are true to the best of your knowledge. You can be held liable for intentionally providing false or misleading information.
What happens if you don't reach full retirement age?
If you have not reached your full retirement age, and you are still working and earn more than the earnings limit, your benefits will be reduced. 3 Once you reach full retirement age, no more reductions will apply, regardless of how much you work and earn. Those working will want to consider waiting until their full retirement age ...
What is the full retirement age?
Full Retirement Age: Age 65–67 Depending on Date of Birth. Your full retirement age is determined by your day and year of birth, and it is the age in which you get your full amount of Social Security benefits. For every year you delay taking your benefits from full retirement age up until you turn 70, your benefit amount will increase by almost 8% ...
What is the retirement age if you were born in 1960?
Social Security Administration. " If You Were Born in 1960 Your Full Retirement Age Is 67 ." Accessed April 14, 2020.
How much does a delayed retirement credit increase?
For every year you delay taking your benefits from full retirement age up until you turn 70, your benefit amount will increase by almost 8% a year. 5 It is referred to as a delayed retirement credit. This increase can result in more lifetime income for you and your spouse.
Who is Dana Anspach?
Dana Anspach is a Certified Financial Planner and an expert on investing and retirement planning. She is the founder and CEO of Sensible Money, a fee-only financial planning and investment firm.
Who is Roger Wohlner?
Roger Wohlner is a financial advisor and writer with 20 years of experience in the industry. He specializes in financial planning, investing, and retirement. Your Social Security retirement age and the amount you receive varies depending on several factors.
Can a widow file for survivor benefits?
One option available to widows/widowers is to file a restricted application, which means you can begin one type of benefit, such as a survivor benefit; then when you reach 70, you can switch over to your retirement benefit amount if it would be larger.
Once You've Applied
Once you've applied, we'll review your application to make sure you meet the basic requirements and contact you if we have any questions. We might request additional documents from you before we can process your application.
Appeal A Decision
You have a right to appeal any decision we make about whether you’re entitled to payments. You must request an appeal in writing within 60 days of receiving our decision.
You must inform us of certain changes
You must report the changes listed here, because they may affect your eligibility for SSI and your payment amount.
When Do You Need to Report?
Report all changes that may affect your SSI as soon as possible and no later than 10 days after the end of the month in which the change occurred.
Reporting your income
You can report your income to us in writing, by phone, online, or through our Smartphone app. Visit our SSI Wage Reporting page to learn more.
Manage your SSI information with a my Social Security account
Once you are receiving SSI, your my Social Security account provides personalized tools. You can use my Social Security to:
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.
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.
How old do you have to be to apply for retirement?
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.
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.
How old do you have to be to get unemployment benefits?
Unmarried children can receive benefits if they are: Younger than age 18 (or up to age 19 if they are attending elementary or secondary school full time). Any age and were disabled before age 22 and remain disabled.
What age can you take care of a child of a deceased person?
At any age if they take care of a child of the deceased who is younger than age 16 or disabled.
How much is a death benefit for dependent parents?
Parents age 62 or older who received at least one-half support from the deceased can receive benefits. One-time lump sum death payment. A one-time payment of $255 can be made only to a spouse or child if they meet certain requirements.
How to report a death to Social Security?
To report a death or apply for survivors benefits, use one of these methods: Call our toll-free number, 1-800-772-1213 (TTY 1-800-325-0778 ). Visit or call your local Social Security office. More Information. If You Are The Survivor. Survivors Benefits.
Can you get Social Security if you die?
When you die, members of your family could be eligible for benefits based on your earnings. You and your children also may be able to get benefits if your deceased spouse or former spouse worked long enough under Social Security.
