age when you can draw social security
You can also use suspension to grow your benefits after you’ve already started receiving Social Security checks. If you’re at full retirement age and have claimed benefits but haven’t reached age 70, you can suspend benefits and reapply when you turn 70 to get a larger check when benefits resume. If You Retire Early. 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. To maximize the couple’s Social Security benefits, I suggested that she claim her spousal benefit (not her own benefit) at her full retirement age of 66, and that the husband also claim at 66 but suspend his monthly benefit of $2,356 until he turned 70. 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. Retirement Planner: Benefits By Year Of Birth. 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. Apply for Social Security benefits online, at your local office or by phone at 800-772-1213. To collect your full retirement benefits, apply to the Social Security Administration (SSA) three months before you wish to receive your first payment. If you were born January 2, 1943, through January 1, 1955, then your full retirement age for social security benefits is 66. If you’re younger than 66, your benefits will be reduced by $1 for each $2 you earn above $15,480. If you reach your full retirement age during 2014, your benefits will be reduced by $1 for each $3 you earn above $41,400 until the month you reach that age. Once you’ve reached full retirement age and claim, your benefits won’t be reduced no matter how much you earn from your business. Click on your year of birth to find out how much your benefit will be reduced if you retire between age 62 and full retirement age. Note: If your birthday is on January 1st, we figure your benefit as if your birthday was in the previous year. 1  Retirement Estimator. 2  Estimate Your Life Expectancy. 3  Retirement Age Calculator. 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. Must I stop working to collect Social Security benefits? No, you can receive benefits while working. But, if you are younger than the full retirement age (currently 66) and earn more than a certain amount, your monthly benefits will be temporarily reduced.
66