Can you collect Social Security the year you turn 62?

Can you collect Social Security the year you turn 62?

You can get Social Security retirement benefits as early as age 62. However, we’ll reduce your benefit if you retire before your full retirement age. For example, if you turn age 62 in 2021, your benefit would be about 29.2 percent lower than it would be at your full retirement age of 66 and 10 months.

Is Social Security prorated between 62 and 65?

En español | Essentially, yes. You can claim Social Security retirement benefits at any time after reaching 62 years of age. So, if you retire at, say, age 62 and 6 months, your benefit is, in effect, prorated — you are credited for waiting six months after becoming eligible.

What happens to your Social Security benefits when you turn 62?

If you claim Social Security at age 62, rather than waiting until your full retirement age (FRA), you can expect up to a 30% reduction in monthly benefits. For every year you delay past your FRA up to age 70, you get an 8% increase in your benefit.

How old do you have to be to get Social Security early retirement?

Please note that relatively few people can begin receiving a benefit at exact age 62 because a person must be 62 throughout the first month of retirement. Thus most early retirees begin at age 62 and 1 month.

What happens to your Social Security benefits if you retire early?

That’s if they withheld some of your benefits during early retirement because you had work income that exceeded Social Security’s earnings limit. In this case, they recalculate your benefit at full retirement age to help you recoup those losses.

When do you start receiving your Social Security benefits?

Starting Your Retirement Benefits Early . You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.

What does early retirement mean for your social security?

The earliest age at which Social Security retirement benefits can be claimed is 62 years, so “early” Social Security can be defined as starting your benefits at any time between age 62 and the month before you reach full retirement age.

What are the benefits of taking early retirement?

Benefits of early retirement includes receiving lump sums of money, having more time to pursue other interests, commencement of a new career, and that early retirement is also a mechanism for reducing unemployment. Once an employee decides on retiring early,…

When is the best time to take Social Security benefits?

You can start collecting Social Security benefits any time between ages 62 and 70. The best age for Social Security benefits depends on personal and financial factors, like your current cash needs, retirement plans, health and family history.

What if you retire at 62?

If you retire at 62 you’ll need to make sure you can afford adequate health insurance coverage until age 65 when your Medicare benefits begin. With the Affordable Care Act, you are guaranteed to get coverage even if you have pre-existing conditions, and you can’t be charged more than someone who is healthier.