Resist the temptation to collect Social Security benefits at age 62Susan Tompor
You qualify for Social Security old age (or retirement) benefits by paying into the program during your working years. Full insurance is based on accumulating 40 quartersor "credits"from covered wages, and a worker can earn up to four credits a year. One credit is awarded for every $1,730...
The bottom line: You’re eligible for Social Security Benefits if you’ve paid into the system for at least a decade, but your actual benefits will depend on what age – between 62 and 70 – you begin to claim them. How Does the Social Security Administration Calculate Benefits?
Social Security retirement benefits are for workers 62 and older who have earned at least 40 credits. The size of your benefit checks depends on your average indexed monthly earnings (AIME) over your 35 highest-earning years, and the age at which you begin benefits. You must wait until your...
Depending on when you were born, you may encounter a penalty if you keep working full-time while you receive Social Security benefits. Your full retirement age is 65 if you were born no later than 1942. Otherwise, you will face an earned income limit and
If you intend to continue working after retirement, you’ll need to decidewhen to begin tapping into Social Security benefits. While you can take benefits starting at age 62, there are downsides to doing so. The SSA may withhold some of your income and the benefit amount you’re eligible ...
Your Social Security benefits are based on the income you earned during your working years. Your benefits are permanently reduced if you take Social Security before you reach your full retirement age. Your benefit amount temporarily drops if you decide to work during retirement. ...
The amount of money you receive from Social Security is based on a number of factors, including how much income you earned throughout your working years, the year you were born, and the age at which you file for benefits. If you claim Social Security early, your benefits will be reduced...
To address the numerous challenges associated with aging, increased attention has been given to the development of age-friendly cities and communities (AFCC) to promote healthy aging and social participation. However, limited evidence exists for addressing both health and social needs through the AFCC...
When it comes to Social Security, it can be tempting to take the money and run as soon as you're eligible—typically at age 62. After all, you've likely been paying into the system for all of your working life, and you're ready to receive your benefits. Plus, guaranteed monthly ...