age at which you can collect social security
If you wait till you're 67 and are in the highest income group, you won't receive more than $30,000 a year.. Morningstar's Blanchett wrote a report, When to claim Social Security in The Journal of Personal Finance. A. The main thing you have to do is be patient and wait a few months until you turn 66. That's your full retirement age, because you were born in 1946. When you reach that age, you'll be allowed to take your Social Security retirement benefits and earn any amount without losing any of your payments. See also: Tell your Social Security story to the world. If you delay taking Social Security, it increases your monthly benefit about 8% a year until you're eligible for the maximum at 70. Most financial planners pretty much recommend that you do that if you can, or delay at least until age 66. On the other hand, if you are awarded Social Security disability benefits (SSDI), your benefit amount will be equal to what you were entitled to receive once you reached your full retirement age. This is because SSDI and retirement benefits are based on how much money (in taxes) you paid to the SSA. Winning a disability claim generally gets easier for people as they become older. This is particularly true for people over the age of 60. However, some older folks choose to apply for early retirement at age 62 or 63 rather than applying for disability. Even though this may seem an easier option, it can reduce the amount of benefits you are entitled to. Once you reach full retirement age, your benefits simply convert to retirement benefits, but your payment amount will not change. Your future retirement benefits are not reduced even though you were able to collect Social Security early. Discover great deals and saving through AARP membership. As you know, Social Security has an earnings penalty, which governs how much money you can make while at the same time receiving benefits. Exceed an annual cap (it's currently $14,160 a year) and you'll lose part or even all of your benefit. However, collecting Social Security retirement early rather than applying for disability has drawbacks that should be considered before making this decision. If you take early retirement once you reach the age of 62, your retirement benefit amount will be permanently reduced. En espanol | Español. Q'i d like to know When i can take My Social security and continue to earn as much money As i want without losing any of my. Benefits i was born On april, 28. 1946. A the main thing you have to do is be patient and wait a few months until you turn. 66 •Many people -- 41.4 % -- take the benefits as soon as they're eligible at age 62, according to Social Security Administration.
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