Sentences with phrase «social security at»

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

However, whether or not you're looking at taking Social Security at 62 or later, you should know that the formula used by the SSA is in fact designed to result in the same amount of lifetime benefits - irrespective of when you decide to retire and apply for Social Security.

You can start taking distributions from Social Security at age 62, but you may not want to do that.

If you start taking Social Security at 62, rather than waiting until your full retirement age (FRA), you will receive reduced monthly benefits.

Let's also say he is 25 years old and wants to retire at 60 with plans to take Social Security at 70 but wants to completely replace his net income, which is likely about 70 % of his $ 75k ($ 52,500).

For instance, if a couple need $ 6,000 a month to meet day - to - day expenses and they receive $ 4,000 a month from Social Security at 66 — the age that Uncle Sam considers full retirement age for people born between 1943 and 1954 — their gap is $ 2,000 a month.

And even though you can start Social Security at 62, there are many reasons you might consider starting to withdraw benefits at a later age.

Your PIA is the base benefit you will receive from Social Security at your full retirement age.

I am 65 and my wife is 59, we are planning to work until I am 70 - 72, and I plan to withdraw social security at 70.

Unfortunately, it's common to see couples in which both spouses start taking Social Security at full retirement age (or close to it), despite the fact that there would have been a strictly - superior strategy available to them.

They will be working longer — to age 67 or 70 — rather than dipping into Social Security at 62.

Whether it makes sense to work and collect Social Security at the same time is a complicated assessment that depends on how much you earn and when you begin taking Social Security benefits.

Retiring from work and claiming Social Security at a younger age can hurt you, though.

By law, people must start taking withdrawals from their IRAs and 401 (k) s once they reach the age of 59 and a half and are eligible to receive Social Security 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.

Your employer reports your earnings to Social Security at the same time he or she gives you your W - 2 form for filing your income tax return.

You want to take Social Security at that point, we call it taking it early, if you are working, you have to make below a certain level.

``... let's say you've been lucky enough to accumulate, let's say $ 300,000 in your personal investment account, and the capitalized value of your social security at a certain age is also going to be $ 300,000.

About half of all Americans file early for Social Security at age 62.

You may also contact Social Security at 1-800-772-1213 (TTY 1-800-325-0778) to speak with a representative about your retirement options.

Although you're technically able to start collecting Social Security at age 62, waiting until the age of 70 will increase the amount you are eligible to receive with each year that goes by.

Can you work and collect Social Security at the same time?

You can begin collecting Social Security at 62, but if you start taking your benefits before reaching your full retirement age — 65 to 67, depending on when you were born — your benefits will be reduced.

I plan to take Social Security at my full retirement age of 67.

For example, if you plan to begin taking Social Security at age 62 but will keep working and expect to earn $ 5,000 over the annual limit, your Social Security benefits will be reduced by $ 2,500.

To get that estimate, call Social Security at 800-772-1213 or visit your local field office.

You can contact Social Security at 800.772.1213 or visit www.ssa.gov to learn what you can expect in benefits, and when.

Say Mary took Social Security at age 62.

Federal employees can collect Social Security at age 66, their full retirement age, without any reduction in benefits?

However, about 33 % claim Social Security at 62 — which is generally a bad idea.

CSRS retirees that are eligible to collect Social Security at age 62 and have active military time will see their CSRS annuity decrease unless they buy back their military time.

Can you imagine what happens to a working parent once the stay at home parent dies... they don't have any benefits even from social security at a monthly rate like working parents do.

Dan Dzombak: Taking Social Security at 62 is smart if you do not expect to live to your age group's life expectancy.

If you need to tap your retirement funds early or apply for Social Security at 62, or before your full retirement age, or even at 70, that's okay.

Filing for Social Security at the wrong time could set you and your family back financially.

«Generally speaking, if it's at all possible, it's best to delay taking Social Security at least until you reach full retirement age,» says author Lynnette Khalfani - Cox, chief executive of TheMoneyCoach.net.

Some on third of «early retirees» who claim Social Security at age 625 do so to help pay for health care expenses until they are eligible for Medicare coverage at age 65.

Among Nationwide's survey respondents, recent retirees began collecting Social Security at a mean age of 62.

With the updated cashflow planning estimate, subtract the amount of money you expect to get from social security at whatever age you plan to retire.

Many people overlook this when they decide to start collecting Social Security at age 62.

However, whether or not you're looking at taking Social Security at 62 or later, you should know that the formula used by the SSA is in fact designed to result in the same amount of lifetime benefits - irrespective of when you decide to retire and apply for Social Security.

«Do what you can to draw Social Security at 70 to maximize that cash flow.

And hopefully more and more people are getting that message, because the number of people that used to claim Social Security at 62 used to be tremendously high.

Say that each spouse was due $ 2,200 a month from Social Security at their full retirement age of 66.

So the couple that would have got $ 30,000 a year from Social Security at age 62 instead gets $ 53,000 at age 70 — for as long as they live.

I am very glad I retired early, started IRA withdrawals at age 60 and started to take Social Security at age 62.

You will get 75 % of the monthly benefit if you elected Social Security at age 62 given you will be getting benefits for an additional 48 months before turning 66.

You can begin collecting Social Security at 62, but if you start taking your benefits before reaching your full retirement age — 65 to 67, depending on when you were born — your benefits will be reduced.

I don't think we should be forced to pay into Social Security at all.

Can you work and collect Social Security at the same time?