Benefits Planner: Retirement | Retirement Age and Benefit Reduction | SSA

Starting Your Retirement Benefits Early

You can start receiving your Social Security retirement benefits ampere early as historic period 62. however, you are entitled to fully benefits when you reach your entire retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit total will increase .
If you start receiving benefits early, your benefits are reduced a modest percentage for each calendar month before your broad retirement senesce.

To find out how much your profit will be reduced if you begin receiving benefits from old age 62 up to your full retirement age, use the chart below and select your year of parentage. This case is based on an estimated monthly profit of $ 1000 at broad retirement age.

Full Retirement and Age 62 Benefit By Year Of Birth

Year of Birth 1. Full (normal) Retirement Age Months between age 62 and full retirement age 2. At Age 62 3.
A $1000 retirement benefit would be reduced to The retirement benefit is reduced by 4. A $500 spouse’s benefit would be reduced to The spouse’s benefit is reduced by 5.
1943-1954 66 48 $750 25.00% $350 30.00%
1955 66 and 2 months 50 $741 25.83% $345 30.83%
1956 66 and 4 months 52 $733 26.67% $341 31.67%
1957 66 and 6 months 54 $725 27.50% $337 32.50%
1958 66 and 8 months 56 $716 28.33% $333 33.33%
1959 66 and 10 months 58 $708 29.17% $329 34.17%
1960 and later 67 60 $700 30.00% $325 35.00%
  1. If you were born on January 1st, you should refer to the previous year.
  2. If you were born on the 1st of the month, we figure your benefit (and your full retirement age) as if your birthday was in the previous month. If you were born on January 1st, we figure your benefit (and your full retirement age) as if your birthday was in December of the previous year.
  3. You must be at least 62 for the entire month to receive benefits.
  4. Percentages are approximate due to rounding.
  5. The maximum benefit for the spouse is 50 percent of the benefit the worker would receive at full retirement age. The percent reduction for the spouse should be applied after the automatic 50 percent reduction. Percentages are approximate due to rounding.

Before You Make Your Decision

There are advantages and disadvantages to taking your benefit before your full retirement age. The advantage is that you collect benefits for a longer period of time. The disadvantage is your benefit will be reduced. Each person ‘s situation is different. It is significant to remember :

  • If you delay your benefits until after full retirement age, you will be eligible for delayed retirement credits that would increase your monthly benefit.
  • That there are other things to consider when making the decision about when to begin receiving your retirement benefits.

apply for Medicare benefits within three months of your 65th birthday. If you wait longer, your Medicare medical insurance (Part B) and prescription drug coverage (Part D) may cost you more money.
If you decide to delay your benefits until after age 65, you should stillfor Medicare benefits within three months of your sixty-fifth birthday. If you wait longer, your Medicare medical insurance ( Part B ) and prescription drug coverage ( Part D ) may cost you more money .

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Category : How

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