There's no statute of limitations on how long Social Security can wait to collect an overpayment. More than two years ago, Roy Farmer of Grand Rapids, Michigan, got a letter from Social Security asking whether he'd forgotten to pay a debt he didn't know he had. Roy Farmer60...
Keep in mind:The SSA stipulatesthat you can start receiving Social Security benefits as young as age 62. However, drawing Social Security this early will permanently reduce benefits by as much as 30%, depending on when you were born and how far you are fromfull retirement age. Conversely,per...
Fortunately, if you understand a few basic Social Security rules about early filing penalties, you can see exactly how much early filing reduces your benefit, and decide if it's the right move for you. Image source: Getty Images. What is an early claim? To understand how an earl...
401(k) Early Withdrawal Costs DOGE staffers have access to the Social Security system. Could that put your monthly payment in jeopardy? Maryalene LaPonsieMarch 13, 2025 Can Elon Musk Cancel Social Security? A looming government shutdown may be scary, but as a retiree you can contr...
When can I collect Social Security? In general, people can claim Social Security benefits as early as age 62 [15]. But the longer you remain in the workforce, the larger your monthly Social Security retirement benefit may be [16]. ...
How early retirement can effect Social SecurityBanks, Horace B
How early retirement affects Social Security payments You can start taking benefits as early as age 62, but your payout will be lower than if you start at full retirement age or later. Your full retirement age depends on the year you were born. For those born in 1960 or later, the full...
Social Security representatives may give you incorrect advice that can cost you serious money. There are opportunities to increase your Social Security benefits later if you decide that you started claiming too early. Be proactive. Social Security won't tell you if you become eligible for specific...
How young people can plan ahead for retirement Even if the Social Security trust funds become insolvent by 2035, younger generations shouldn't be overly worried just yet, Lester says. "I don't think we'll get there, but even if we do, it's not running out of money completely," she ...
If, for example, your full retirement age is 67, you can start taking benefits as early as age 62, but your benefit will permanently be 30% less than if you waited until age 67. If you can manage without receiving your Social Security benefits at full retirement age,wait until age 70....