(See your full retirement age.) And your annual cost-of-living adjustment (COLA) is based on your benefit. So if you begin claiming Social Security at 62 and start with reduced benefits, your COLA-adjusted benefit will be lower too. The COLA feature can be especially valuable when you ...
Resist the temptation to collect Social Security benefits at age 62Susan Tompor
When I turned 62, I celebrated by filing the paperwork to start receiving my Social Security benefits. This goes against the advice offered by the vast majority of professional advisors. Almost universally, financial advisors recommend delaying your benefits for as long as you can. ...
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. ...
Even for Americans who have invested diligently for retirement over the years, Social Security benefits matter. One of the first big decisions we face as we approach retirement is when to claim our benefits — and timing is important. While you can start as early as age 62, waiting a few ...
The program is based on contributions that workers make into the system. While you’re employed, you pay into Social Security; when it’s your turn to retire you receive benefits. You can start your Social Security retirement benefits as early as age 62 or as late as age 70 (if you wer...
What’s your Social Security break-even age? If you’re looking to maximize your total lifetime Social Security payout, you’ll want to conduct a break-even analysis to determine when you should start drawing your benefits. Your break-even age occurs when the total value of higher benefits...
In short, the net tax rate imposed by Social Security is higher for younger workers and higher earners (see, for example, Feldstein and Samwick, 1992). Third, until recently, the basic benefit formula encouraged workers to claim benefits by age 65. The age at which the individual applies ...
Social Security benefits are payments made to qualified retired adults and people with disabilities, and to their spouses, children, and survivors. Social Security—officially theOld-Age, Survivors, and Disability Insurance (OASDI)program in the U.S.—is a comprehensive federal benefits program design...
Full retirement age is the age at which you can receive full Social Security retirement benefits. Your FRA varies depending on the year in which you were born.