Sentences with phrase «claim at your full retirement age»

You receive 100 percent of your retirement benefit if you claim at full retirement age — 66 or 67 for most individuals, depending on when you were born.

Not exact matches

As AARP explains, the older spouse claims retirement benefits at full retirement age and immediately suspends them.

Can you afford to «retire early» and claim benefits at age 62, should you wait until your full retirement age, or can you wait until age 70 in order to receive the largest possible monthly benefit?

For example, my full retirement age is 67 and if I claim at age 62, the earliest age at which I can file for Social Security benefits, my benefit will be equivalent to 70 % of my full retirement age benefit.

Her late spouse's PIA is $ 1,473 in today's dollars and he claimed his benefit at his full retirement age.

However, if my full retirement age were 66 instead, and I claimed at age 62 or 70, then my benefit would be the equivalent of 75 % and 132 % of my full retirement age benefit, respectively.

I plan on taking Social Security at 66, because that will be full retirement age for me, and my wife will receive 50 % of my benefit when I claim it (the max she can get).

For example, if your benefit at the current full retirement age of 66 is $ 1,000 but you opt to claim at 62, it would be reduced to $ 750.

Pundits spend a good deal of time advising Americans about the best age to claim Social Security — at age 62, at full retirement age, at age 70 and the like.

The maximum benefit for those retiring at age 70 in 2017 is $ 3,538 — almost $ 900 more than the maximum benefit for someone claiming benefits at the full retirement age.

Married couples have even more opportunities for increasing the amount they'll collect over their joint lifetime by engaging in various claiming strategies, such as the older spouse filing and suspending his or her benefit at full retirement age so the younger spouse can collect spousal benefits while the older spouse's benefit continues to grow.

Each person's Social Security benefit will depend on a number of factors, including earnings history and the age at which they claim benefits, but the maximum Social Security benefit for a person retiring at full retirement age in 2018 (between age 65 and age 67, depending on birth date) is $ 2,788 a month — or about $ 33,400 a year.2 To create a personalized estimate for Social Security benefits, use the Social Security Administration's Retirement Estimator.

In short, you'll take the standard 25 % haircut for claiming your benefit at 62 vs. your full retirement age of 66.

Someone with a full retirement age of 66 could earn four years of credits before claiming at age 70, and would potentially receive a benefit equivalent to 132 % of the full benefit amount.

If you were born between 1943 and 1954 and hence your full Social Security retirement age is 66, your benefit will be reduced by 25 % if you claim benefits at age 62, 20 % if you claim at 63, 13.3 % at 64 and 6.7 % at 65.

For instance, if your full retirement age is 66, at which point you would be eligible for $ 1,000 a month, you could receive $ 750 if you claim at 62 or $ 1,320 if you claim at 70 — a difference of 76 %.

But if you wait until full retirement age, you can restrict your claim to spousal benefits, receiving half of your spouse's benefit amount, and switch to your own larger benefit at 70.

Claiming at age 70 means you'll receive a 32 % boost above your full retirement age amount, which gets you a 76 % increase in monthly income compared to claiminClaiming at age 70 means you'll receive a 32 % boost above your full retirement age amount, which gets you a 76 % increase in monthly income compared to claimingclaiming at 62.

If you claiming Social Security at the earliest age of 62, you will receive a permanet 25 % cut in retirement benefits, compared to full benefits you'd receive at age 66.

If you and your spouse are both at full retirement age when you file, you can claim a spousal benefit equal to 50 percent of your spouse's benefit.

«Gradually updating the full retirement age at which workers can claim benefits.»

Based on this information and your actual earnings history as maintained by the Social Security Administration, the Retirement Estimator generates an estimate of the amount you would receive if you were to retire at age 62 (the earliest date you can receive benefits), the amount if you waited until full retirement age (which currently ranges from 65 to 67, based on year of birth), and the larger benefit you would receive if you continued working until age 70 before claiming retirement benefits.

Can you afford to «retire early» and claim benefits at age 62, should you wait until your full retirement age, or can you wait until age 70 in order to receive the largest possible monthly benefit?

GAO Report: Challenges For Those Claiming Social Security Benefits Early This report of the U.S. Government Accountability Office looks at the circumstances of people who file for Social Security benefits early to understand why they do so even though taking benefits before full retirement age reduces monthly payments.

Signing up before you reach full retirement age will allow you to receive your benefits as early as age 62, however, to get the full payout you are entitled to you'll need to wait to claim your benefits at your full retirement age.

Claiming Social Security at age 62 reduces benefits by as much as 30 percent versus waiting until the full retirement age of 67.