I personally am concerned about the future of US entitlement programs such as social security, which the country may not always be able to afford. The US has taken on more of a fiscal commitment than it really can meet. Therefore I would say that if you can collect money now rather than later, it would would be wise to do so. Even if you do not need the money immediately, you can still use that money to make investments (well chosen, we hope) and then you will have money when you do need it.
The answer depends on your individual circumstances; however, if you begin drawing retirement benefits at age 62, your check will be approximately 75% of what you would receive at full retirement age (most likely 66). This will be your base rate for the remainder of your retirement.
This is a personal decision and would depend on your financial situation and other factors that you may want to consider.
To get the larger monthly benefits and if you are capable of working and earning income that is subject to the social security and medicare taxes you could put it off until age 70 to get the maximum monthly benefits that would be available.
You can find a lot of useful information about your situation by going to the SSA.gov website SOCIAL SECURITY BENEFITS ONLINE and use the search box
3 months
$41,880
You can get Social Security retirement benefits as early as age 62, but if you retire before your full retirement age, your benefits will be reduced, based on your age. For example, if you retire at age 62, your benefit would be about 25 percent lower than what it would be if you waited until you reach full retirement age. You can still work while collecting your Social Security.
They can but that person's Railroad Retirement is going to be reduced. Here is a link to the Railroad Retirement Board's website that explains all the details about Railroad Retirement and Social Security Benefits. The tier I portion of a railroad retirement annuity is based on both railroad retirement and nonrailroad social security credits acquired by an employee and reflects what social security would pay if railroad work were covered by social security. Tier I benefits are, therefore, reduced by the amount of any actual social security benefit paid on the basis of nonrailroad employment, in order to prevent a duplication of benefits based on the same earnings. .
The Social Security Administration recommends filing for benefits three months before your intended retirement date.
You generally have to wait until your 66th birthday to start receiving the full amount of Social Security benefits. Your benefit amount is based on your full retirement age, which is determined by your birth year. If you start receiving benefits before your full retirement age, your payments may be reduced.
I worked for the Fed Govt for 35 yrs before that I worked and paid 48 quarters into Social Security, my wife worked for the Railroad and was covered by Railroad Retirement, we are now retired. My Social Security was reduced under the Windfall Elimination Clause of the Social Security Act. I was entitled to a portion of my wife's Railroad Retirement Benefits. The Railroad Retirement Board recently informed me that they were reducing my benefits because I have a Federal pension. This is a double hit, since my Social Security benefits have already been reduced by 45%? I have appealed this ruling and hope to have it reversed. Can they reduce both benefits due to a Federal pension being drawn?
Social Security benefits are usually paid out at a set age. You may also receive social security for a spouse if they pass away or for a child if their parent passes away before they are 18 years old.
Full retirement age is the age at which a person may first become entitled to full or unreduced retirement benefits. No matter what your full retirement age (also called "normal retirement age") is, you may start receiving benefits as early as age 62 or as late as age 70.You can retire at any time between age 62 and full retirement age. However, if you start benefits early, your benefits are reduced a fraction of a percent for each month before your full retirement age. No mater how much or little you make, you don't get full benefits at 62.With that said, once you exceed a certain threshold, the benefits you can receive before full retirement age may be further reduced based on your earnings If you are under full retirement age for the entire year, they deduct $1 from you benefit payments for every $2 you earn above the annual limit; for 2016, that limit is $15,720.The year you reach full retirement age, they deduct $1 in benefits for every $3 you earn above a different limit, but they only count earnings before the month you reach your full retirement age.If you will reached full retirement age in 2016, the limit on your earnings for the months before full retirement age was $41,880.Starting with the month you reach full retirement age, you can get your benefits with no limit on your earnings.
On a regular Social Security retirement, if a person retires before full retirement age, you are allowed to make $15,120 before your benefits are reduced. After the $15,120 amount has been passed one dollar of benefit will be deducted for each two dollars you earn.
Social Security Disability (SSDI) benefits automatically convert to retirement benefits at the same rate of pay when the person reaches full retirement age. There is no increase in benefits or additional payment at retirement, only a change in administrative status and loss of earned-income restrictions. For people born before 1943, full retirement age is 65; for those born between 1943 and 1954, the age is 66; for those born between 1955 and 1960 and later, the age gradually increases to 67.
No. The Social Security Administration will only pay one benefit -- either retirement or disability, but not both. If you qualify for disability before you reach full retirement age, your monthly benefit will automatically convert to retirement at the same monthly rate once you reach full retirement age.If you are already receiving early retirement, you do not qualify for disability because you've voluntarily elected not to work in return for a reduced monthly benefit.If you think your situation may present an exception, you can contact an SSA representative at 1-800-772-1213, Monday through Friday, 7:00 am - 7:00 pm EST, to discuss your options.
Yes, you can, but if you took early retirement you will have to pay back all the benefits you received before the Social Security Administration will starting counting earned income toward future increased benefits. Otherwise, your cash benefits are frozen, except for periodic cost of living adjustments (COLA), at the rate set when you originally filed for retirement. On the plus side, if you're still below full retirement age, suspending benefits will stop you from being penalized by annual earning limits. Once your reach your full retirement age (65 for people born before 1943; 66 for people born between 1943-1954), the earning cap is removed permanently.