how old to collect social security
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Start collecting Social Security at 62 â or wait? So the first step is to go to the Social Security Administration's Web site and find out when you’re entitled to full benefits. For those born between 1943 and 1954, for example, you can start collecting benefits at age 62, but you’ll only get 75 percent of what you’d get if you wait until you’re 66.
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How old do you have to be to collect Social Security benefits? 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 a…bout 75% of the amount you would receive by waiting to retire at SSA's full retirement age.
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- Key Points. 1  Social Security eligibility depends on your birth year. 2  Reduced benefits are available at age 62. 3  The longer you wait to begin collecting, the higher your payment will be up to age 70.  Your family members may be able to receive benefits based on your record.
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- 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. If you year of birth is 1957 your age to receive maximum benefits is 66 and 6 months.
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- How to Collect Social Security. The U.S. Social Security Administration (SSA) allows eligible individuals to collect Social Security retirement benefits at any point between 62 and 70 years of age. There are pros and cons to early or late collection, but the process remains the same.
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Learn about eligibility for Social Security benefits -- whether you are eligible, when you can collect them, and how much you will receive. For Social Security retirement benefits, you must be between the ages of 62 and 70 to start collecting benefits. To check on your eligibility, see Nolo's article Checking you Social Security Earnings and Benefits or call the Social Security Administration at 800-772-1213. The Social Security Administration used to consider 65 to be full retirement age for the retirement benefit.
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What can I expect from Social Security? The youngest age you can start taking Social Security benefits is 62, but that's considered early. So your check will be reduced based on how many months away from full retirement you are. Full retirement is the age when you qualify for unreduced Social Security benefits. If you were born after 1960, that's age 67. If you delay benefits until age 70, you may be eligible to receive a credit of up to 8 percent per year, depending on your birth year.
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3 Reasons It's Smart to Take Social Security Benefits at 62 If Mike waited until his full retirement age of 66 to claim Social Security, he would collect about $2,200 per month. At age 62, he will get about 75% of that, or $1,650 per month. But claiming early also means Mike's family will collect benefits four years early.nd when you take benefits at the earliest possible age of 62, your benefit will be up to 30% below your primary insurance amount -- that is, the amount you're entitled to receive at your full retirement age. That may sound alarming.
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- Social Security Benefits Age. You can start receiving Social Security benefits at age 62 but, here's the catch: you'll collect less benefits at age 62 than if you wait until the full retirement age that ranges between 66 (for those born between 1943 and 1954) and 67 (for those born 1960 and later).
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When Can I Collect Social Security Benefits? One of the complications with Social Security is the question of when to begin taking benefits — you can begin receiving them as early as age 62, as late as 70 or any time in-between.
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When can I get Social Security retirement benefits? Comments and Questions. You can begin getting Social Security retirement benefits as early as age 62. But we will reduce your benefits by as much as 30 percent below what you would get if you waited to retire until your full retirement age. If you wait until your full retirement age (66 for most people), you will get your full benefit. You also can wait until age 70 to start your benefits. When you’re ready to apply for retirement benefits, use our online retirement application, the quickest, easiest, and most convenient way to apply.
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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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At what age should you start claiming Social Security? Story Highlights. 1  Most people take Social Security as soon as they are eligible, at 62. 2  Most financial advisers suggest you wait until 66 or 70. 3  Every case is different, decision should be part of your financial plan.
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Why You Probably Can't Collect Social Security When You Turn 62 Jan 05, 2017. It’s common knowledge that you can collect Social Security retirement benefits as early as when you turn 62. Only one problem: That generally isn’t the case. Only about 7% of people can get a check for the month they celebrate their 62nd birthday. The earliest starting point for the vast majority of retirees is age 62 and one month—even though financial advisors, journalists and, yes, the Social Security Administration regularly talk about what you could collect at age 62.
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Your Guide To Understanding Social Security Spousal Benefits In order to qualify for Social Security spousal benefits, you must be at least 62 years old and your husband must also be collecting his own benefits. Additionally, if you are the higher earner, your husband can apply to collect spousal benefits based on your work record.
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10 Things To Know About Social Security At what age can I start collecting Social Security benefits? Workers can begin receiving benefits at age 62, but your benefit will be greater if you wait until your full retirement age (currently 66) or later.Widows, widowers, surviving children, the disabled and children of the disabled can start collecting earlier.t what age can I start collecting Social Security benefits? Workers can begin receiving benefits at age 62, but your benefit will be greater if you wait until your full retirement age (currently 66) or later.
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Retirement In the United States, while the normal retirement age for Social Security, or Old Age Survivors Insurance (OASI), historically has been age 65 to receive unreduced benefits, it is gradually increasing to age 67. For those turning 65 in 2008, full benefits will be payable beginning at age 66.
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What is My Social Security Retirement Age Early retirement benefits can be requested as early as age 62. You will receive a permanent lower monthly benefit if you make the choice to retire early. Today, the full retirement age for Social Security benefits is 66 years if you were born between the years of 1943 to 1954. The retirement age then gradually increases to age 67 for people born in 1960 and thereafter.
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- The U.S. Social Security Administration (SSA) allows eligible individuals to collect Social Security retirement benefits at any point between 62 and 70 years of age. There are pros and cons to early or late collection, but the process remains the same.
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When It Makes Sense To Take Social Security Income At 62 When you file for Social Security at your full retirement age (which depends on your birthdate and is currently age 66), you receive 100% of your benefit. If you take your benefit early, at age 62, you only receive about 75% of your monthly benefit. Every year you delay taking it, your benefit goes up until age 70.
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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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Social Security Full Retirement Age The earliest age you're allowed to collect Social Security is 62, but claiming early comes at a cost. If you take benefits before reaching your full retirement age, you'll lose 6.67% of your full benefit amount for up to three years and then 5% a year thereafter.
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Publication 970 - Introductory Material Normally, you can start collecting anywhere from age 62 to age 70. If you’re a widow or widower, you can begin receiving Social Security benefits at age 60 (age 50 if you’re disabled). In order to qualify for social security benefits, you’ll need to have earned a certain number of “credits” prior to collecting.
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- wikiHow to Collect Social Security. The U.S. Social Security Administration (SSA) allows eligible individuals to collect Social Security retirement benefits at any point between 62 and 70 years of age. There are pros and cons to early or late collection, but the process remains the same.
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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 for people born in 1943-1954, and it will gradually rise to 67 for those born in 1960 or later. Early retirement benefits will continue to be available at age 62, but they will be reduced more.
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The Average American Takes Social Security at This Age -- Will You? When the typical American claims benefits. Every year, the Social Security Administration crunches its data and extracts information regarding the people being served. In 2014, the agency reported that the average man signing up for Social Security did so at age 64.3, while the average woman signed up at age 64.1.