Social Security retirement benefits start as early as age 62,but the benefits are permanently reduced unless you wait until the full retirement age of 66 or 67. Payments are for life.
People also ask
What is the earliest age you can collect 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.
How much will I receive in Social Security benefits at age 62?
At age 62, the earliest point at which most people can claim benefits, you鈥檒l receive around 70 percent of the amount that you would receive at your Full Retirement Age. If you were born in 1958, and your full benefit at retirement would be $1,000 a month, you would shrink your benefit to around $700 a month by retiring at age 62.
When can you start receiving reduced Social Security retirement benefits?
The earliest a person can start receiving reduced Social Security retirement benefits will remain age 62. The 1983 Amendments phased in a gradual increase in the age for collecting full Social Security retirement benefits.
When should you claim your Social Security retirement benefits?
You can start receiving your retirement benefit as early as age 62, or as late as age 70. If you claim it early (before your full retirement age), your monthly amount will be reduced. On the other hand, if you delay claiming your benefit, your monthly amount will be increased for each month of delay.