To understand how an early claim affects your checks, it's helpful first to know what an early claim is. Filing for Social Security benefits early means that you file for benefits before yourfull retirement age(FRA). FRA depends on your birth year. Here's what yours is, dependin...
According to expected utility theory models, rational households who are not liquidity constrained should delay claiming their Social Security benefits to insure consumption in late life. However, data shows that most retired workers claim soon after becoming eligible. This paper explains the early ...
Figuring out when to collect your Social Security benefits is a personal decision. You'll want to account for factors like your current health status, spouse and additional sources of retirement income. Retirees are susceptible to making the same critical mistake: collecting benefits too early and ...
These days,married couples need to run some numbersbefore they make decisions about when to claim their Social Security benefits. Your ages and your wages over the course of your careers should be part of the equation, especially if one spouse left the workforce for years to ra...
We find that cutting early Social Security benefits would boost the probability of normal retirement by twice as much as it would the probability of disability retirement.doi:10.2139/ssrn.1084556Olivia S. MitchellJohn W.R. PhillipsNational Bureau of Economic Research, IncNBER Working Papers...
If she stops working and claims Social Security early at age 62 a. She will have to start drawing down her savings sooner and need to withdraw more to make up for her reduced Social Security benefits. b. In this estimate she winds up with $25,000 in assets in her retirement plan at ...
As an early retiree, you must decide whether to start taking Social Security benefits early. Social Security benefits are reduced if started before the normal retirement age. If you also work, the Social Security benefits are subject to a further reduction. Social Security will temporarily cut ...
"Who takes early Social Security benefits? The economic and health characteristics of early beneficiaries." Gerontologist 36(6):789-799.Burkhauser; R.V.; Couch, K.A. and Phillips, J.W. (1996). "Who Takes Early Social Security Benefits? The Economic and Health Characteristics of Early ...
Social Security serves those who have reached retirement age, along with the disabled through Social Security Disability Insurance (SSDI). The Supplemental Security Income (SSI) program gives extra...
Your Social Security check will decrease if you owe certain debts like back taxes or student loans. Taking your Social Security benefits early can reduce your payments by up to 30%. A higher Medicare premium triggered by higher income can reduce your monthly Social Security check. ...