When can I begin collecting Social Security retirement benefits, and can I change my mind if I start collecting too early?

When can I begin collecting Social Security retirement benefits, and can I change my mind if I start collecting too early?
by

1 Answer

Answer :

You can get Social Security retirement benefits as early as age 62, but if you retire before your full retirement age, your benefits will be reduced, based on your age. For example, if you retire at age 62, your benefit would be about 25 percent lower than what it would be if you waited until you reach full retirement age. You can still work while collecting your Social Security.
by

Related questions

At what age do I begin collecting social security benefits?

Description : At what age do I begin collecting social security benefits?

Last Answer : At the present the age to receive social security is 62.

How old do you have to be to begin Social Security retirement?

Description : How old do you have to be to begin Social Security retirement?

Last Answer : In order to being to receive Social Security payments after retirement, you must be at least sixty-five years of age. To receive full Social Security benefits it depends on when you were born. If you ... SSA.gov has a website with all the relevant years. http://www.ssa.gov/retire2/agereduction.htm

can I collect social security benefits while collecting unemployment benefits in connecticut?

Description : can I collect social security benefits while collecting unemployment benefits in connecticut?

Last Answer : No you cannot collect social security benefits while collecting unemployment benefits.

Will social security benefits be enough to provide through the average persons retirement?

Description : Will social security benefits be enough to provide through the average persons retirement?

Last Answer : No, social security benefits are expected to run out after 2020.

Social Security Retirement Benefits Application Process?

Description : Social Security Retirement Benefits Application Process?

Last Answer : Social Security Retirement Benefits are available for those that qualify. Typically, retirees are eligible at age 65. Some beneficiaries will not be eligible until age 67. It depends on their birth date. ... on the wages earned during the person's career. The maximum amount of SS Benefits is ap

I retired at 100% SS benefits. My wife is presently 62 and 2 months. Can she begin to collect half of my social security check now?

Description : I retired at 100% SS benefits. My wife is presently 62 and 2 months. Can she begin to collect half of my social security check now?

Last Answer : No if you are alive she can only collect her SS. At 62 she can collect about ¾’s of her benefits.

What should I know before I begin an IRA and start saving for retirement funds?

Description : What should I know before I begin an IRA and start saving for retirement funds?

Last Answer : Make sure you are able to live without this money for the long term. It is intended for retirement only and if you have to take it out before retirement you will pay a heavy penalty. Also if you ... be aware of the tax implications of the IRA and what the maximum investment for your age group is.

If i am W yrs of age and collecting social security how much can i earn?

Description : If i am W yrs of age and collecting social security how much can i earn?

Last Answer : If I am 762 yrs of age and collecting SSDI hoe much can Iearn?

Benefits of Early Retirement Planning?

Description : Benefits of Early Retirement Planning?

Last Answer : Currently, early retirement planning is perhaps the smartest task a person can embark upon. Planning for retirement becomes increasingly difficult as time passes. An individual should start as early as ... and there can really help anyone achieve their retirement savings goals in no time at all.

What are some of the early retirement benefits?

Description : What are some of the early retirement benefits?

Last Answer : Question Summary: What are some of the early retirement benefits? Question Long-Form: I would like to retire as early as possible. What are some of the early retirement benefits.

How much can I depend on my social security retirement being funded in 2020?

Description : How much can I depend on my social security retirement being funded in 2020?

Last Answer : If you have a 2020 eligibilty for social security date you should not be greatly concerned that your participation will be effected. There has been no discussion on even the fringes of both ... 2040 come around, there is little disagreement that, without changes, social security will go insolvent.

Is it true that those who retire 20 years from now will not be eligible for social security payments to help supplement their retirement?

Description : Is it true that those who retire 20 years from now will not be eligible for social security payments to help supplement their retirement?

Last Answer : I think you are asking if Social Security will be avaialble when someone retires twenty years from now. The answer is yes. The literature that came with the last Social Security update states Social ... be in danger until at least twenty thirty seven. And even then it will not completely disappear.

What is the retirement age in the USA when you can receive social security?

Description : What is the retirement age in the USA when you can receive social security?

Last Answer : If you are 62, then you can begin to receive your benefits from social security but it will be at a reduced rate. At 65, you will be able to receive full benefits.

Any suggestions on how early to start saving up retirement money ?

Description : Any suggestions on how early to start saving up retirement money ?

Last Answer : I would suggest that you start saving as early as possible, even if you can only put in a small amount each month. You might try consulting a financial advisor or a website such as Smart Money to help figure out how much retirement money you will need to save up.

At what age can you start to receive social security benefits?

Description : At what age can you start to receive social security benefits?

Last Answer : Anyone born in 1960 or later must wait until they reach 67 to recieve full benefits. Those born earlier should check with the SSA to find out exactly when they are eligible.

Can I change Social Security death benefits online?

Description : Can I change Social Security death benefits online?

Last Answer : No an individual can not change their Social Security death benefits on any websites on the world wide web. But they can be changed at business centers and by reapplying for death benefits.

If a person declares they are running for an office and starts collecting donations, what happens to that money if the person doesn’t run or quits early on?

Description : If a person declares they are running for an office and starts collecting donations, what happens to that money if the person doesn’t run or quits early on?

Last Answer : Most states have strict laws on use and candidates have to list expenses and donations down to the penny. Likely he spent it all but it should be public record in your state. Here it’s Missouri Ethics Commission.

Would you retire early/Can retirement be boring?

Description : Would you retire early/Can retirement be boring?

Last Answer : answer:I believe in planning for the future but not at the expense of enjoying your life now. Almost everyone I’ve ever known who made it to retirement either died shortly thereafter, or are sick and miserable.

There's a good chance that my workplace may offer "early outs" to employees within five years of retirement. Anyone have advice about retiring at 55?

Description : There's a good chance that my workplace may offer "early outs" to employees within five years of retirement. Anyone have advice about retiring at 55?

Last Answer : I think this is a question you can only answer for yourself, upon consulting with a professional financial adviser. I really think that is what you should do. It depends on what the buyout is that ... this. You need to consult with a professional financial adviser. That's what I think, at least.

Hello, I am asking for information when I could apply for an early retirement. Thank you.

Description : Hello, I am asking for information on when I could apply for an early retirement. I will be 56 years old this year, I am now registered at UP. Three children have been born to me in my life. ... am now headed to UP and I have a changed work ability for health reasons. Thank you for your answer.

Last Answer : I hope this works. The black lines can be read by pressing the left mouse button and swiping. c) on the day of the expiry of this period of 180 days until reaching retirement ... : http: //finance.idnes.cz/predcasny-starobni-duchod-podminky-naroku-f2k-/viteze.aspx? C = A060606_134252_fi_osobni_vra

Early retirement.

Description : Is there anyone out there who has taken advantage of early retirement and how to deal with it ?!

Last Answer : I'm just getting ready, but I'll take this opportunity. Given the age at which men live in our family, this is the only way to enjoy at least a pension. and I have savings, so it does not bother me as much as the pension will be.

72(t) Calculator: Early withdrawals from retirement accounts?

Description : 72(t) Calculator: Early withdrawals from retirement accounts?

Last Answer : 72(t) Calculator: Early withdrawals from retirement accountsThe Internal Revenue Code section 72(t) and 72(q) allows forpenalty free early withdrawals from retirement accounts. Thesesections ... that yourfinancial institution may or may not support all the methodsdisplayed via this calculator.

Are there any circumstances where I can take an early withdrawal without penalty from a 401K retirement plan?

Description : Are there any circumstances where I can take an early withdrawal without penalty from a 401K retirement plan?

Last Answer : There are a number of restrictions and requirements regarding early withdrawals from a 401K. Additionally, the IRS regulations often change. Your best bet is to discuss your situation with your fund manager or consult with your tax professional.

What is a good early retirement age?

Description : What is a good early retirement age?

Last Answer : 50 year old is a good early retirement age. In the ages of 50 through 60 should be a good estimate, in my opinion. People can have disabilities through at an early age or they can't seem to work anymore will retire at around 50-60 years of age.

Can you claim a state pension at an early retirement age?

Description : Can you claim a state pension at an early retirement age?

Last Answer : Your State Pension depends on the number of years youve paid National Insurance or got National Insurance credits while claiming certain benefits. You need 30 years to get a full State Pension of 107.45. If you have fewer years when you retire youll get less State Pension.

Are you penalized for withdrawing money early from your retirement pension plan?

Description : Are you penalized for withdrawing money early from your retirement pension plan?

Last Answer : Typically there is a fee for withdrawing money early from your retirement pension plan. However, there are exceptions to this rule. It is best to check with your specific provider to discuss your circumstances and learn their terms and conditions.

Establishing financial security has been identified as a developmental task of which of the following groups? a) Middle adult The middle adult’s tasks also include launching children, and refocusing on one’s marital relationship. b) Older adult The older adult’s tasks include adapting to retirement and declining physical stamina. c) Young adult The young adult’s tasks include establishing a lifestyle and independence. d) Teenager The teenager’s primary developmental tasks include developing an identity and intimacy.

Description : Establishing financial security has been identified as a developmental task of which of the following groups? a) Middle adult The middle adult's tasks also include launching children, and ... . d) Teenager The teenager's primary developmental tasks include developing an identity and intimacy.

Last Answer : a) Middle adult The middle adult’s tasks also include launching children, and refocusing on one’s marital relationship.

More earnings = lower Social Security benefits?

Description : More earnings = lower Social Security benefits?

Last Answer : No, SS Benefits are based on your average monthly income over 35 years, and how much you have paid into the SS fund. The monthly benefit is higher if you start collecting later, because the ... are the same age as you. Go to Social Security Administration where there are lots of benefit calculators.

Do Spousal Social security benefits stop after divorce?

Description : Do Spousal Social security benefits stop after divorce?

Last Answer : Hi @joejoe13 and welcome to ask-public. How old are both of you?

Social Security Survivors Benefits: If I die, I understand my wife can receive 100% of my benefits. The question is: Does she continue to receive her own Social Security benefits?

Description : Social Security Survivors Benefits: If I die, I understand my wife can receive 100% of my benefits. The question is: Does she continue to receive her own Social Security benefits?

Last Answer : answer:I'm pretty sure she would claim whichever benefit is the highest. Not sure if you can collect double benefits. If you both remained alive then she would collect her own and you would collect ... been married over 10 years, otherwise she would only be eligible to collect on her own benefit.

Social security benefits break-even calculator, chart or graph?

Description : Social security benefits break-even calculator, chart or graph?

Last Answer : I'm not sure what your question is exactly but there is a finite amount of money in your social security bank and that amount is based on what you paid into social securityduring your working years. ... security at an older age, your monthly checks will be more, but for a shorter period of time.

I became disabled while I was a stay-at-home mom. Could I collect Social Security benefits?

Description : I became disabled while I was a stay-at-home mom. Could I collect Social Security benefits?

Last Answer : I’d say persue if you have absolutely no other choice but to persue.

Is there any situation that can reduce your Social Security benefit amount while receivng benefits

Description : Is there any situation that can reduce your Social Security benefit amount while receivng benefits

Last Answer : Need Answer

What determines social security disability benefits?

Description : What determines social security disability benefits?

Last Answer : Feel Free to Answer

Does a spouse have to pay back Social Security benefits received for a spouse who was incarcerated?

Description : Does a spouse have to pay back Social Security benefits received for a spouse who was incarcerated?

Last Answer : Yes, a spouse would have to pay back Social Security benefitsreceived for a spouse who was incarcerated.

Will my Social Security benefits increase or decrease if I move from South Carolina to Florida?

Description : Will my Social Security benefits increase or decrease if I move from South Carolina to Florida?

Last Answer : Need answer

Does a spouse have to pay back Social Security benefits received for a spouse who was incarcerated?

Description : Does a spouse have to pay back Social Security benefits received for a spouse who was incarcerated?

Last Answer : Yes, a spouse would have to pay back Social Security benefitsreceived for a spouse who was incarcerated.

can i apply social security benefits since i'm 61 years old?

Description : can i apply social security benefits since i'm 61 years old?

Last Answer : am 60 year can i draw ss and keep working?? i am 61 year old

How old do I have to be before I can retire and take social security benefits?

Description : How old do I have to be before I can retire and take social security benefits?

Last Answer : The earliest possible age for social security is 62 in terms of retirement. Information about social security can be found online, at sites like http://www.ssa.gov/pubs/10035.html and involve a ... certain number of credits required for benefits, and the site given should help you learn about them.

What social security benefits are available to the minor children of a deceased parent?

Description : What social security benefits are available to the minor children of a deceased parent?

Last Answer : Children of a deceased parent can earn survivors insurance. The amount is dependent on the average lifetime earnings.

How old do I have to be to apply for Social Security benefits?

Description : How old do I have to be to apply for Social Security benefits?

Last Answer : You can apply for Social Security benefits as early as 62 years of age. This is if you are applying for retirement benefits. Remember, earlier retirement will equal less money. For Social Security ... You must be at least 61 years and nine months old to apply for social security benefits.

Is there a website that can tell me what my social security benefits are?

Description : Is there a website that can tell me what my social security benefits are?

Last Answer : The social security office can help you find that information out. You would have to call them to find out and they can mail you out a social security statement showing you what your benefits are.

What are the benefits of having a social security number?

Description : What are the benefits of having a social security number?

Last Answer : You can file for things that require a social security number and it will help you get governmental benefits. The benefits of having a social security number is that it allows you to do things ... underground. It also allows you to receive any benefits you will be entilted to when you retire.

Will having life insurance affect survivorship benefits from Social Security?

Description : Will having life insurance affect survivorship benefits from Social Security?

Last Answer : No life insurance will have no effect on social security. The only way it would count is if it pays over time and then might be seen as income.

Where can I find information about social security benefits?

Description : Where can I find information about social security benefits?

Last Answer : Contact you local Social Security office.

How old do you have to be to apply for social security benefits?

Description : How old do you have to be to apply for social security benefits?

Last Answer : You have to be at least 60 years old.

How do I contact the Social Security Benefits Administration?

Description : How do I contact the Social Security Benefits Administration?

Last Answer : This page: http://www.socialsecurity.gov/pgm/reach.htm describes several ways to contact the Social Security Administration.

When will social security benefits no longer exist?

Description : When will social security benefits no longer exist?

Last Answer : Not to long in the past, financial analyists believed that the social security fund would last until the year 2037. Unfortunatly, due to recent changes in government spending on health care reform, this money is expected to run out by 2017.

Can I draw Social Security benefits on my husband's account after a divorce with marriage of 28 years?

Description : Can I draw Social Security benefits on my husband's account after a divorce with marriage of 28 years?

Last Answer : Yes, under certain requirements.If you are divorced, but your marriage lasted 10 years or longer, you can receive benefits on your ex-spouse's record (even if they have remarried) if: ... or disability benefits.See link for more information.https://www.ssa.gov/planners/retire/divspouse.html

What are social security survivor benefits?

Description : What are social security survivor benefits?

Last Answer : Social security Survivor benefits aren't just for retirement like many think. If you pay into these benefits and pass away, your family may be eligible to claim a portion.