The earliest age that a person can start
receiving Social Security retirement benefits is age 62 and full benefits may not be available until age 67.
If you're on Social Security Disability, or if you're
receiving your Social Security retirement benefits and you're having financial trouble, you may wonder, «Can creditors garnish my Social Security benefits?»
Remember, the earliest a person can start
receiving Social Security retirement benefits will remain age 62.
Also, you must be
receiving Social Security retirement benefits in order for your spouse to receive them as well.
Many older persons who are not eligible for Social Security retirement benefits because they have not accumulated enough work credits may nevertheless be eligible for SSI, and even many of
those receiving Social Security retirement benefits may be able to supplement their benefits with SSI payments.
You can choose to start
receiving social security retirement benefits any month after the month you reach age 62.
Generally, you'll receive an amount equal to what you would receive were you to begin
receiving Social Security retirement benefits at full retirement age.
When you start
receiving Social Security retirement benefits, some members of your family may also qualify to receive benefits on your record.
Pages 40 and 41 show Susan & David Example
both receiving Social Security retirement benefits when they're in their 40's.
People who have earnings while
receiving social security retirement benefits before reaching full retirement age may receive a reduced benefit.
Let's look at a couple of examples: You are
receiving Social Security retirement benefits every month in 2018 and you
Learn about factors to consider as you think about when to start
receiving your Social Security retirement benefits.
It can be received by folks who are also
receiving Social Security retirement benefits or SSDI benefits.
If you begin
receiving Social Security retirement benefits before you reach your full retirement age as defined by the Social Security Administration — full retirement age depends on your birth year — you'll receive a reduction in benefits of as much as 30 percent.
What is the best age to start
receiving Social Security retirement benefits?
Let's look at a couple of examples: You are
receiving Social Security retirement benefits every month in 2018 and you
When you start
receiving Social Security retirement benefits, some members of your family may also qualify to receive benefits on your record.
While you are free to work and
receive Social Security retirement benefits, the government will reduce your benefit if you are younger than your full retirement age and end up making more than the yearly earnings limit.
If you end up getting divorced during your lifetime, you are eligible to
receive Social Security retirement benefits based on your ex-spouse's earnings history, said David Freitag, a financial planning consultant with MassMutual.
My spouse is eligible to
receive Social Security retirement benefits, even if he or she has no individual earnings history.
You both have the same earnings history, and you both stop working at the same age, so the only difference in this example is the date you start to
receive social security retirement benefits.
As a result, you might consider starting to
receive social security retirement benefits now if you think you have less than 15 years to live, and lean more toward waiting if you think you have more than 15 years to live.
Forty - five million retired workers and their dependents
receive Social Security retirement benefits as of June 2017, with an average monthly benefit of $ 1,369.
While you are free to work and
receive Social Security retirement benefits, the government will reduce your benefit if you are younger than your full retirement age and end up making more than the yearly earnings limit.
If you end up getting divorced during your lifetime, you are eligible to
receive Social Security retirement benefits based on your ex-spouse's earnings history, said David Freitag, a financial planning consultant with MassMutual.
, is a key figure for the individual who is planning to
receive Social Security retirement benefits.
The increase of $ 15 per month in example 2 may not seem like much, but you should bear in mind that it applies every month for the entire period
you receive social security retirement benefits, and it will be adjusted for inflation over the years.
Not exact matches
While you can choose to
receive your
Social Security benefits before your full
retirement age (as defined by Uncle Sam), doing so results in lower monthly payments and possibly more reliance on your savings.
You may not want to work in
retirement, but taking on a part - time job the first few years so you can delay claiming
Social Security benefits could significantly boost the
benefit you
receive.
«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.
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.
Even if you have never worked under
Social Security, you may be able to get spouse's
retirement benefits if you are at least 62 years of age and your spouse is
receiving retirement or disability
benefits.
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).
Also in regard to
Social Security retirement benefits, it's important to understand that monthly
benefits differ substantially based on when you start
receiving them and the filing option you choose.
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 each year participants defer claiming
Social Security, they
receive a 6 - 8 % increase in lifetime
benefits, under current conditions, which can make a big difference in their quality of life in
retirement.»
According to a 2011 Pew Research Center poll, more than 40 percent of people aged 18 to 30 believe they will
receive no
retirement income from
Social Security, even though
Social Security receipts are estimated to equal about 75 percent of
benefits on a sustainable basis under the current regime.5
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.
You can work while you
receive Social Security retirement (or survivors)
benefits.
Sixty - five became America's unofficial
retirement age in 1935, when President Franklin Delano Roosevelt — Jim Roosevelt's grandfather, as it happens — signed the
Social Security Act, which set it as the minimum age for
receiving full
retirement benefits.
One solution for prolonging the length of
retirement funds and maintaining decent standard of living in
retirement is to put off
receiving Social Security benefits.
«Women already
receive less in earnings and
Social Security benefits than men and are more likely to experience poverty, including in
retirement.
If you're looking for a lower - key, less - costly
retirement, taking your
benefits early — and
receiving smaller
Social Security payments — might make sense.
Given that
Social Security faces a substantial funding shortfall and that most workers don't appear to face a
retirement crisis, there is a strong case for gradually slowing
benefit growth, particularly for wealthier workers who are currently slated to
receive millions in lifetime
benefits despite being able to live comfortably off their private
retirement savings.
The
Social Security Administration says that if you delay
receiving your
Social Security benefits until you hit 70, your monthly payment will be 32 percent higher than if you had retired at full
retirement age.
On the other hand, if your husband delays receipt of
benefits until age 70, he earns delayed
retirement credits and he locks in a
benefit that is 32 % higher than the amount he
receives at full
retirement age (age 66) and 76 % higher than the
benefit he would have
received had he started taking
benefits at age 62 (Source:
Social Security Administration).
If you start
receiving benefits at your full
retirement age, your
benefit is equal to half of your ex-spouse's full
retirement amount or disability
benefit, according to the
Social Security Administration.
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.
If you
receive a pension or
retirement benefit from work in another country, it may have an effect on your
Social Security benefits under the Windfall Elimination Provision.
They assume their
retirement portfolio will beat the returns of deferring
social security until they
receive full
benefits.