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Level 1
posted Jul 15, 2021 9:32:09 AM

Difference between collecting SS at 62 and 67

Many of my friends have started collecting SS at 62. What is the difference and actual benefit.

1 1 306
1 Replies
Employee Tax Expert
Jul 15, 2021 9:54:04 AM

Hi ashaom0104, good day!

Depending on your birth year, full retirement age differs.

To find your full retirement age:

https://www.ssa.gov/benefits/retirement/planner/ageincrease.html 

 

If benefits begin prior to full retirement age, benefits are permanently reduced. The earliest a person can start receiving Social Security is age 62

Retirement Benefits - Starting Your Retirement Benefits Early

https://www.ssa.gov/benefits/retirement/planner/agereduction.html 

 

If benefits begin after full retirement age, benefits are permanently increased. The benefit increase stops when you reach age 70.

Increase for Delayed Retirement

https://www.ssa.gov/benefits/retirement/planner/delayret.html