age to collect social security
Social Security benefits are reduced for workers who sign up at age 62, and the amount of the reduction has recently increased from 20 percent for people born in 1937 or earlier to 25 percent for baby boomers born between 1943 and 1954. In about one family in four, someone is receiving Social Security benefits. About 39 million retired workers receive benefits and another 2.9 million individuals receive benefits as spouses or children of retired workers. 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. If you start receiving spouse's benefits at age 62, your monthly benefit amount is reduced to about 32.5 percent of the amount your spouse would receive if his or her benefits started at full retirement age. (The reduction is about 67.5 percent.) The reduction for starting benefits as a spouse at age. About 59 million people collect Social Security benefits each month, and they account for about one in six people in the United States. Source link: http://www.ssa.gov/cgi-bin/currentpay.cgi. In 2014, Social Security paid $848 billion in benefits to retired workers, disabled persons, and dependents of retired, disabled or deceased workers. + More. The age you begin to collect Social Security benefits affects the payments you will receive for the rest of your life. Checks are reduced if you sign up as soon as possible at age 62, but are increased if you delay claiming up until age 70. Here's when most people sign up for Social Security: Of the total benefit payments, 70 percent was paid to retirees and their families, 13 percent to survivors of deceased workers, and 17 percent to disabled workers and their families. For more information, see: 1  Social Security Benefits, Finances, and Policy Options: A Primer. A total of 6 million people receive benefits as survivors of deceased workers, including 3.8 million aged widows and widowers and 1.8 million children. Another 8.9 million people receive benefits as disabled workers, and 1.9 million people receive benefits as the child or spouse of a disabled worker. If your full retirement age is older than 65 (that is, you were born after 1937), you still will be able to take your benefits at age 62, but the reduction in your benefit amount will be greater than it is for people who were born before 1938. Here's how it works if your full retirement age is 67. If you start your retirement benefits at age 62, your monthly benefit amount is reduced by about 30 percent. The reduction for starting benefits at age. 1  63 is about 25 percent; 2  64 is about 20 percent; 3  65 is about 13.3 percent; and. 4  66 is about 6.7 percent.
62 years.