what age do you collect social security
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Benefits Planner: Retirement Your full retirement age Is 67. Remember, the earliest a person can start receiving Social Security retirement benefits will remain age 62. If you start receiving retirement benefits at. 1  age 62, you will get 70% of the monthly benefit because you will be getting benefits for an additional 60 months.
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Best age for Social Security retirement benefits Social Security retirement age is between ages 65 and 67, depending on the year you were born. If you are eligible to collect Social Security benefits and born by 1937, you can begin collecting full retirement benefits at age 65.
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My Retirement Blog Social Security: What Is My Full Retirement Age? The full retirement age for social security depends on when you were born and will determine when you can begin collecting social security. If you were born in 1937 or earlier, your full retirement age is 65. If you were born 1960 or later, your full retirement age is 67. The Social Security Administration has provided this chart for figuring out when your full retirement age is (clicking on the year will take you to the SSA’s page for that age group, breaking down the rules even more clearly).
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Your Social Security retirement age FULL RETIREMENT AGE. 67. If you start collecting Social Security before you reach full retirement age, your benefit will be reduced by about 6% for every year. So, for example, if your full retirement age is 67 but you begin taking benefits at age 62, you'll lose about 30% of the monthly benefit you're owed.or each year you delay taking Social Security (until age 70), you'll receive a payment that's about 8% higher. So if you qualify at age 67 for a $2,500 benefit, you could instead receive about $3,100 a month by waiting until age 70 to start.
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How and When to Apply for Social Security Benefits You can get Social Security retirement benefits as early as age 62. However, we’ll reduce your benefit if you retire before your full retirement age. For example, if you turn age 62 in 2017, your benefit would be about 25.8 percent lower than it would be at your full retirement age of 66 and 2 months.
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Apply for Social Security Your full retirement age Is 67. Remember, the earliest a person can start receiving Social Security retirement benefits will remain age 62. If you start receiving retirement benefits at. 1  age 62, you will get 70% of the monthly benefit because you will be getting benefits for an additional 60 months.2  age 65, you will get 86.7% of the monthly benefit because you will be getting benefits for an additional 24 months.f you start receiving benefits as a spouse at your full retirement age, you will get 50% of the monthly benefit your spouse would receive if his or her benefits started at full retirement age.
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Determine when you should collect Social Security You can begin receiving reduced benefits as early as 62, but to receive your full benefit, you must reach full retirement age (as defined by the Social Security Amendments of 1983). Your full Social Security retirement age depends on the year you were born.
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How and When to Apply for Social Security Benefits To draw full retirement benefits, the following Social Security Administration age rules apply: Born in 1937 or earlier-Full retirement can be drawn at age 65. Born in 1938 - Full retirement can be drawn at age 65 years and 2 months. Born in 1939 -- Full retirement can be drawn at age 65 years and 4 months.
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What's My Social Security Retirement Age? Full retirement age (also known as normal retirement age) is the age at which you can file for Social Security and collect your full calculated retirement benefit. However, you can choose to file as early as age 62, or as late as age 70, regardless of your full retirement age.
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What is the Social Security Retirement Age? Social Security's full-benefit retirement age is increasing gradually because of legislation passed by Congress in 1983. Traditionally, the full benefit age was 65, and early retirement benefits were first available at age 62, with a permanent reduction to 80 percent of the full benefit amount.f he or she delays taking benefits until age 70, the benefit will be 32 percent higher because of that delay. The maximum retirement benefit for someone who waits until age 70 to collect benefits is $3,350 a month in 2013.
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- To draw full retirement benefits, the following Social Security Administration age rules apply: Remember that while you can begin drawing Social Security retirement benefits at age 62, your benefits will be 25 percent less than what they will be if you wait until your full retirement age as shown above.
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When to start collecting Social Security The earliest you can collect benefits is age 62. But you'll pay a penalty of 25% or more in your monthly benefits by filing before full retirement age. You also could lose more if you continue working while collecting a monthly Social Security check.
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Should I Sign Up for Social Security and Medicare at the Same Time? Different Benefits. Social Security pays retirement benefits to qualified workers based on their age. Full Retirement Age, or FRA, is based on your year of birth, and generally is from age 66 to 67. However, qualified workers can request a reduced benefit as early as age 62.
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10 Numbers Everyone Should Know About Social Security The Social Security full retirement age is 66 and two months for people born in 1955, and it increases in two-month increments to 66 and 10 months for people born in 1959. The earnings limit for working and collecting benefits at the same time also disappears once you reach your full retirement age.
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Benefits Planner: Retirement Retirement Planner: When To Start Your Benefits. You can start your Social Security retirement benefits as early as age 62 or as late as age 70. Your monthly benefit amount will be different depending on the age you start receiving it. If you choose to: start your benefits early, they will be reduced based on the number of months you receive benefits before you reach your full retirement age.
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Social Security: 4 Reasons To Collect As Soon As You Can With Social Security, you never run out of money. For many of us -- people born between 1943 and 1954 -- our regular retirement age is 66. You're eligible to start receiving Social Security as early as age 62. But you suffer a penalty.You can also delay taking Social Security until age 70. Then you get a bonus. The penalty for taking Social Security early is a little over 7 percent a year, and the bonus for delaying is also slightly over 7 percent a year.ith Social Security, you never run out of money. For many of us -- people born between 1943 and 1954 -- our regular retirement age is 66. You're eligible to start receiving Social Security as early as age 62. But you suffer a penalty.
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Retire at age 70? Young people may have to under plan Today the full Social Security benefit retirement age is 66 for people born from 1943 to 1954. It then increases by two months for each birth year (66 years and two months for those born in 1955, 66 and four months for those born in 1956 and so forth), until those born in 1960 or later get full benefits at age 67.
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10 Things Everyone Should Know About Social Security Your full retirement age. You can collect the full amount of Social Security you have earned at what the Social Security Administration calls your full retirement age, which varies based on your birth year. The full retirement age used to be 65 for people born in 1937 or earlier.
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What is the Social Security Retirement Age? Social Security's full-benefit retirement age is increasing gradually because of legislation passed by Congress in 1983. Traditionally, the full benefit age was 65, and early retirement benefits were first available at age 62, with a permanent reduction to 80 percent of the full benefit amount. Currently, the full benefit age is 66 years and 2 months for people born in 1955, and it will gradually rise to 67 for those born in 1960 or later.
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How to Qualify for Social Security Benefits 1 Retirement: To claim your social security retirement benefits, you have to be fully insured and reach full retirement age, which varies from 65 (for those born before 1938) to 67 (for those born after 1960).
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When Can I Collect Social Security Benefits? Late retirement — up to age 70. By delaying your Social Security benefits to age 70, you can increase your monthly benefit. The plan provides an 8% annual (2/3 of 1% per month) “delayed retirement credit” for each year that you delay collection past your normal retirement age.
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- The determining factor of in qualifying the age an individual can receive maximum social security benefits is the year in which the individual was born. The following information will show what age you need to be to collect 100% social security: If you year of birth is between 1943-1954 your age to receive maximum benefits is 66. If you year of birth is 1955 your age to receive maximum benefits is 66 and 2 months. If you year of birth is 1956 your age to receive maximum benefits is 66 and 4 months.
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- Remember, the earliest a person can start receiving Social Security retirement benefits will remain age 62. If you start receiving retirement benefits at. 1  age 62, you will get 70% of the monthly benefit because you will be getting benefits for an additional 60 months.
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Raise the Full Retirement Age for Social Security The age at which workers become eligible for full retirement benefits from Social Security—the full retirement age, also called the normal retirement age—depends on their year of birth. For workers born before 1938, the full retirement age was 65. It increased in two-month increments until it reached 66 for workers born in 1943.
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How old do you have to be to collect Social Security benefits? Answer by Ma9989009. Confidence votes 52.7K. If you have accumulated enough work credits (typically 40) the earliest you can collect Social Security retirement benefits is 62. At that age, your monthly payment would be about 75% of the amount you would receive by waiting to retire at SSA's full retirement age.
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- Workers may claim full Social Security benefits at the full retirement age (FRA), which is currently 66 and is rising gradually to the age of 67 for workers who were born in 1960. or later. Retired-worker beneficiaries may claim benefits as early as the age of 62, which is. known as the early eligibility age (EEA).