age to retirement social security
A: ​If you have worked in covered employment for 40 quarters you can receive retirement benefits ​ and also potentially provide spousal benefits to current and ex-spouses as well as your children. You can check out your benefits at ssa.gov/myaccount/, which the agency calls my Social Security. 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. Can you afford to retire early and claim benefits at age 62, should you wait until your full retirement age, or can you wait until age 70 in order to receive the largest possible monthly benefit? Note: This calculator does not display on mobile devices. So if your Social Security retirement benefit was going to be $1,000 a month at 66, it would be reduced 25% to $750 if you claimed benefits at age 62. If you didn't take it until 70, it would raise 32% (four times the 8% annual increase) to $1,320. En espanol | Español let The Social Security calculator help you figure out how much retirement income’you ll receive at different claiming ages so you can determine when you should Claim Social. security Early Social Security can cost you. If your full retirement age is 67, your Social Security benefit is reduced by: 1  About 30 percent if you start collecting at 62. 2  About 25 percent if you start collecting at 63. 3  About 20 percent if you start collecting at 64. 4  About 13.3 percent if you start collecting at 65. Discounts & Benefits. From companies that meet the high standards of service and quality set by AARP. Members can save $20 on wireless devices from Cricket. Conditions apply. Small business owners save 20% on new installation of any new ADT security system. This is called the “reduction factor.”. 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. The Social Security Administration raises your personal retirement benefit for every month you wait to claim your benefits beyond your full retirement age, and the raises continue through age 70. This Delayed Retirement Credit is 8% a year until you turn 70. 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. You can get disability benefits up until full retirement age, which is 66 right now.
At 65