If you were to die before your spouse, they would be eligible to receive your monthly amount as a survivor benefit—if it's higher than their own amount. But if you take your benefits early, say at age 62 versus waiting until age 70, your spouse's survivor Social Security benefit could...
That’s because the Social Security Administration (SSA) pays a different amount depending on whether you start at age 62; at age 67 (that’s the full retirement age, or “FRA” for anyone born after 1960); or at age 70. Key Points If you claim Social Security early at age 62, ...
While you can begin takingSocial Security as early as age 62, you’ll receive your entire benefit if you delay until your full retirement age. Plus, Social Security will pay you a bonus if you wait until after full retirement age to claim your benefits. So, there’s extra incentive to ...
"An early retirement at age 62 will result in a reduction of 30% from the full retirement age benefit amount," says Jim Blankenship, a certified financial planner for Blankenship Financial Planning in New Berlin, Illinois, and author of "A Social Security Owner's Manual." Those with an ...
Although individuals can begin to collect Social Security as early as age 62, their benefit will be permanently reduced. The longer that retirees can afford to wait after age 62, the larger the monthly benefit. Those who wait until age 70 to collect get the largest amount that they're entit...
Social Security's RetirementBenefits, take at age 62? 70?, statements?, Get a Retirement Plan Proposal Introduction to Social Security Retirement & ...
The amount of your Social Security check will depend in part on when you start taking payments. You can take Social Security payments as early as age 62, but if you delay taking payments the amount you are paid will be larger. Social Security benefits may be subject to taxation, especially...
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]. If you retire before reaching full retirement age, the Social Security Administration permanently...
Income. She had the choice to appeal that decision, which could take months or years to resolve, or take early retirement. The latter option would give her $302 a month now but might permanently reduce the full Social Security retirement payment she would be eligible for at age 66 and 10...
If you file for Social Security at age 62, your spousal benefit would be permanently reduced. But if you wait until your full retirement age (usually 67) to claim benefits, you’d get the full spousal benefit. Also note that if the higher earner claims benefits early and gets a ...