Sentences with phrase «receiving early retirement benefits»

If you have earnings during a year when you're receiving early retirement benefits, the earnings test can cause a reduction in your social security benefits for that year.

Not exact matches

A widow or widower is eligible to start receiving reduced benefits on your record as early as age 60 and full benefits at their full retirement age.

«Gaps are certainly of special concern to those considering early retirement, since they are eligible for Social Security benefits at 62, but must wait until age 65 to receive Medicare,» said Kimberley Foss, a certified financial planner and founder of Empyrion Wealth Management.

If you start your benefits early, they will be reduced based on the number of months you receive benefits before you reach your full retirement age.

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?

To reduce Social Security's projected funding shortfall, the commission would increase the taxable wage base by 2050 to include 90 percent of earnings, to increase the full - and early - retirement ages to 69 and 64 respectively by 2075, to cover newly hired state and local workers after 2020, and to create a hardship exemption allowing those who can not work past age 62 to receive benefits early.

The survey of 903 adults aged 50 or older, who are either already retired or plan to retire in the next ten years, revealed those who began receiving Social Security income early report a lower average monthly payment ($ 1,190) than those who started at their full retirement age ($ 1,506) and those who delayed benefits until age 70 ($ 1,924).

If your widow, widower, or surviving divorced spouse receives benefits on your record, they can switch to their own retirement benefit as early as age 62.

If a person receives widow's or widower's benefits, and will qualify for a retirement benefit that's more than their survivors benefit, they can switch to their own retirement benefit as early as age 62 or as late as age 70.

Although most analysis of Social Security benefits assumes that you'll value the money you receive early in retirement only slightly more than the benefits you'll get years down the line, many people expect to get the most out of retirement in the years from 62 to 70.

No matter what your full retirement age (also called «normal retirement age») is, you may start receiving benefits as early as age 62 or as late as age 70.

If you're looking for a lower - key, less - costly retirement, taking your benefits early — and receiving smaller Social Security payments — might make sense.

Most people are eligible to receive Social Security benefits as early as age 62, but those benefits increase if you wait until your full retirement age (usually 67), and rise even more if you delay until age 70.

An early retirement option exists, whereby members who are at least 55 years old and who have at least 20 years of service can receive their full benefit if both the employee and the employer pay a one - time fee.

In a traditional defined benefit plan, benefits are heavily backloaded; teachers receive minimal benefits in their early years but quickly earn substantial benefits as they near their plan's prescribed «normal retirement age.»

Earlier retirement eligibility with unreduced benefits also increases pension wealth, because more payments will be received.

Based on these estimates, your statement allows you to compare what you would receive each month if you were to take benefits at the earliest possible age — currently 62 — as well as if you took them at full retirement age, or delayed them until age 70.

Disability retirement benefit payments are included in earned income if you are younger than your minimum retirement age (the earliest age you could have received a pension had you not been disabled).

This note discusses how well researchers can do using data from the Health and Retirement Study in identifying the pool of respondents who could have received early Social Security retirement benefits.

Before we move on, let's see how the situation would change in the above example if you wait another year and one - half to begin receiving benefits, so that you're starting just 18 months before full retirement age instead of three years early.

You can start your Social Security retirement benefits as early as age 62, but the benefit amount you receive will be less than your full retirement benefit amount.

If you start your benefits early, they will be reduced based on the number of months you receive benefits before you reach your full retirement age.

If they didn't, you may choose to start receiving retirement benefits earlier.

The break - even point for starting benefits early or late, as opposed to starting them when you reach your full retirement age, depends on when you decide to begin receiving benefits:

With each of these options, they have three choices: file early, file at full retirement age or delay filing and receive up to 132 % of full retirement benefits.

If a person receives widow's or widower's benefits, and will qualify for a retirement benefit that's more than their survivors benefit, they can switch to their own retirement benefit as early as age 62 or as late as age 70.

Most people are eligible to receive Social Security benefits as early as age 62, but those benefits increase if you wait until your full retirement age (usually 67), and rise even more if you delay until age 70.

Additionally, the earning limits are low; so you might not receive the benefits you're counting on if you don't plan ahead carefully for your early retirement.

Early retirement can have a major impact on the amount of benefits you receive — the earlier you retire, the less money you could receive from Social Security.

You must collect your own reduced retirement benefits first and would receive an additional amount only if your spousal benefit — also reduced for early claiming — were higher than your own.

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.

On the whole, workers who retire early receive a lower benefit than if they would have waited until the normal retirement age (65 for men and 60 for women).

If you do take it at 62, or full retirement age or earlier, the maximum is 62, then you receive a reduction of those benefits as well.

In 2014, these early claimers will see their monthly benefits reduced by 25 percent compared to what they would have received if they had delayed claiming until age 66, the current full retirement age.

That means in 15 years my wife and I will have $ 150,000 in contribution room, which assuming I have maxed out means I could be pulling out $ 6000 / year (assuming the 4 % rule) tax free between the two of us for our early retirement and not affect any benefits I would receive from the government when I turn 65!

Congressional staff members enrolled in the Federal Employee Health Benefits Program since the earliest opportunity, in the five years preceding retirement, or for the entire period of eligibility, can continue receiving health benefits through the plan if they retire on immediate Benefits Program since the earliest opportunity, in the five years preceding retirement, or for the entire period of eligibility, can continue receiving health benefits through the plan if they retire on immediate benefits through the plan if they retire on immediate annuity.

Under the current structure of the U.S. Social Security system, the age to receive full benefits (also known as «full retirement age» or «normal retirement age») is 65 for workers born in 1937 or earlier.

Social Security Reduction for Early Start Your retirement benefit is permanently reduced if you decide to start receiving it before reaching full retirement age.

If you choose to begin receiving retirement benefits earlier, your benefit will be a reduced percentage of the amount you would have received if you waited, as explained here.

Remember, the earliest a person can start receiving Social Security retirement benefits will remain age 62.

No matter what your full retirement age (also called «normal retirement age») is, you may start receiving benefits as early as age 62 or as late as age 70.

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.

Early Retirement Age - In some pension plans, the age at which a participant can first receive benefits before the participant's normal retirement age.

For example, participants whose plans offer a temporary supplemental benefit in addition to an early retirement benefit often receive amounts greater than their straight - life annuity amount.

If you choose to begin receiving your benefit early, you'll have to contend with the earnings test, which reduces the size of your benefit if you earn too much during the period before you reach full retirement age.

Such a participant can receive benefit payments from the plan once he or she reaches the plan's normal retirement age or, if the plan allows, the plan's early retirement age.

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?

If you're using the estimated benefit from the annual statement you receive from the Social Security Administration, make sure you're looking at the benefit you would receive at full retirement age (even if you plan to retire early).

If you have not reached your full retirement age and are not receiving disability, your earnings may reduce the amount of Early Retirement Social Security benefits that you receive.

Your check will be permanently reduced by a fraction of one percent for every month that you receive Early Retirement benefits, before your full retirement age.