age to collect sss
However, the actual amount you. receive each month depends on when you start. receiving benefits. You can start your retirement. benefit at any point from age 62 up until age. 70, and your benefit will be higher the longer. This increase is the result of. delayed retirement credits you earn for your. decision to postpone receiving benefits past. your full retirement age. The benefit at age 70. in this example is 76 percent more than the. benefit you would receive each month if you. start getting benefits at age 62 — a difference. However, you should consider how much you would not collect between age 66 thru age 70 if you delay. That would be 4 years or 48 monthly checks of whatever your check amount would be at age 66. Then you can check to see what the check amount would be at age 70. Retirement Benefits. When should I start Social Security benefits? Learn the pros and cons of retiring at age 62, 66, 70 or any time from 62 to 70 years old. An insider tip explains a way to get some benefits early and still get the 32% bonus at age 70. Learn how you can sign up for retirement benefits but suspend checks to get extra money for your family in the long run. 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. At age 62, your benefit amount is about 25 percent lower than your full benefit at age 66. If you delay receiving your Social Security until age 70, the monthly amount is 32 percent more than you would get at full retirement age. From 62 to 70, that comes to a monthly increase of $570 or $6,840 a year. According to the 2015 SS manual in PDF, “You do NOT receive any delayed collecting bonus of Social Security benefits after age 69.”. Therefore, your number are wrong for one, and, at the very best case scenario, you could possibly reap a 24% increase in benefits if you wait until 70 to retire. Consider the following examples: 1  John’s full retirement age is 66. At that time, his monthly Social Security payment will be $1,000. 2  Sue’s full retirement age is 66 as well, and her monthly benefits at that age will be $1,000. She decides to put off receiving her benefits until age 70. John’s full retirement age is 66. At that time, his monthly Social Security payment will be $1,000. However, he decides to start receiving his payments at age 62. Since he will receive payments over a longer period of time by starting them earlier, his monthly benefit drops to $750. Sue’s full retirement age is 66 as well, and her monthly benefits at that age will be $1,000. You must be at least 62 for the entire month to receive benefits. Percentages are approximate due to rounding. The maximum benefit for the spouse is 50% of the benefit the worker would receive at full retirement age. The % reduction for the spouse should be applied after the automatic 50% reduction.
From 62 to 70 years old.