Retirement

[faith6179]

I turned 62 late June of this year. Im not sure how the SS works. If I want to start receiving now instead of waiting until full retirement age how long do I have to do this? And also does the rate I receive change, meaning the amount I get as of June 2023, will the amount be the same later in the year or if I turn 63 and decide to take?

[GuodaL]

Hi faith6179,

Thank you for your question. You can start receiving your Social Security retirement benefits as early as age 62, but the benefit amount will be lower than your full retirement benefit amount. If you start receiving your benefits before your full retirement age, your benefits will be reduced based on the number of months you receive benefits before you reach your full retirement age. If you wait until age 70 to start your benefits, your benefit amount will be higher because you will receive delayed retirement credits for each month you delay filing for benefits. There is no additional benefit increase after you reach age 70, even if you continue to delay starting benefits.

Hope this answers your question. Feel free to reply if you have any additional questions.

[ElizabethW2 · Accepted solution]

Hi, @faith 6179!

Congrats on being at the threshold of retirement!!

Yes, the longer you wait to begin your benefits, the higher your monthly payment.  Of course, the amount is going to depend on your work earnings history.

Do you have a Social Security Administration (SSA) account?  If not, I recommend you set one up.  I've included the link below.  Click the blue Create an Account button.  Once established, you can see how much you benefits will be if you apply today or next month or the next.  Additionally, when you're ready to begin, making your application in your account goes much smoother.

Link to SSA's my Social Security Account:  https://www.ssa.gov/myaccount/

Regards,

Elizabeth W

EA for 29 years

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[faith6179]

Thank you for your response. I am aware that I will get lower SS benefits if I collect now.  Is it any age after  62 that you can apply to receive benefits and does the amount change from the time I turned 62?

[GuodaL]

Hi Faith,

That is a good follow up question. If you have receive Social Security Benefit before your full retirement age, the benefit will be lower. Full retirement age, also called "normal retirement age," was 65 for many years. In 1983, Congress passed a law to gradually raise the age because people are living longer and are generally healthier in older age. The law raised the full retirement age beginning with people born in 1938 or later. The retirement age gradually increases by a few months for every birth year, until it reaches 67 for people born in 1960 and later.

In another word, if you want to receive the full benefit, then apply for SS at either age 65 or age 67. To determine your full retirement age, please use the website below.

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

Hope this answers your question. If you have any other questions, feel free to reply.