Social Security benefits provide retirement benefits, disability benefits, and death benefits to those who have worked in the United States and have paid into the Social Security system. While when you start claiming Social Security disability benefits or survivors’ benefits may be beyond your control, you do have a say over when you start collecting Social Security retirement benefits.
At Harvest Social Security HQ, we provide free workshops to those living in Crown Point and surrounding areas, and can help you to understand when the best time to start collecting your Social Security retirement benefits is.
The Social Security Administration (SSA) provides you with the option to start collecting your Social Security retirement benefits as early as age 62. However, if this is not your full retirement age, then you are collecting your benefits early.
What your “full retirement age” is depends on when you were born. For example, those persons born between 1943 and 1954 have a full retirement age of 66. This means that if you were born during this time period and you start collecting your retirement benefits anytime between age 62 and age 65, you are claiming your benefits early.
While you are allowed to claim your benefits early–and may choose to do so for a number of reasons, including physical or mental health reasons and your ability to work–if you claim your benefits early, your monthly benefit amount will be reduced in respect to the number of months you start claiming benefits before your full retirement age. For example, if your full retirement age is 66, and you start claiming benefits at age 62, your monthly benefit amount will be reduced by 35 percent to account for the fact that you will be claiming your benefit for an additional 48 months.
Just as you have the option to start collecting your benefits early, you also have the option to wait until age 70 (but not later than this) to start collecting retirement. If you wait past your full retirement age to begin collecting your benefits, you may be eligible for delayed retirement credits. This means that your monthly benefit amount will be increased.
When you start collecting Social Security benefits could have a very large effect on how much you collect overtime. In fact, if you live until 90 and waited until age 70 to start claiming benefits, you will have received tens of thousands of dollars more than you would have received had you started collecting benefits at at 62.
If you live in Crown Point, making the trip to one of our Harvest Social Security QA workshops will be well worth it. Not only is a Social Security workshop completely free to attend, but it can also provide you with valuable information about when you should start collecting your benefits. You can register for a workshop near you online today.
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