You can sign up for Social Security at any time after age 62.
You can start your Social Security retirement benefits as early as age 62, but the benefit amount you receive will be less than your full retirement benefit amount.
You can apply up to four months before you want your retirement benefits to start. For example, if you turn 62 on December 2, you can start your benefits as early as December, and apply in August. Even if you are not ready to retire, you still should sign up for Medicare three months before your 65th birthday.
In the case of early retirement, a benefit is reduced 5/9 of one percent for each month before normal retirement age, up to 36 months. If the number of months exceeds 36, then the benefit is further reduced 5/12 of one percent per month.
The optimal answer depends on your financial situation, but you'll receive a higher monthly check if you wait longer. While you can begin taking Social Security as early as age 62, you'll receive your entire benefit if you delay until your full retirement age.
Once you have applied, it could take up to three months to receive your first benefit payment. Social Security benefits are paid monthly, starting in the month after the birthday at which you attain full retirement age (which is currently 66 and will gradually rise to 67 over the next several years).
Early Retirement: Before Age 65
By the time some workers reach their 50s and early 60s, they're starting to feel burned out, so retiring before the traditional age of 65 can feel invigorating. Men retire at an average age of 64.6 years, while for women, the average retirement age is 62.3 years.
What happens if you stop working at 62 but don't collect until full retirement age? You will receive the full retirement age benefit based on your top 35 working years — adjusted for COLA.
While some may prefer to apply in person at their local Social Security office, an increasing number of retirees are finding it easier and more convenient to claim their benefits by retiring online at www.socialsecurity.gov.
If you want your benefits to start in January, you can apply in September. Social Security benefits are paid in the month following the month they are due. If you are due benefits for the month of December, you will receive your first check in January for December.
However once you are at full retirement age (between 65 and 67 years old, depending on your year of birth) your Social Security payments can no longer be withheld if, when combined with your other forms of income, they exceed the maximum threshold.
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.
Probably the biggest indicator that it's really ok to retire early is that your debts are paid off, or they're very close to it. Debt-free living, financial freedom, or whichever way you choose to refer it, means you've fulfilled all or most of your obligations, and you'll be under much less strain in the years ahead.
A: Your Social Security payment is based on your best 35 years of work. And, whether we like it or not, if you don't have 35 years of work, the Social Security Administration (SSA) still uses 35 years and posts zeros for the missing years, says Andy Landis, author of Social Security: The Inside Story, 2016 Edition.
According to the SSA's 2021 Annual Statistical Supplement, the monthly benefit amount for retired workers claiming benefits at age 62 earning the average wage was $1,480 per month for the worker alone. The benefit amount for workers with spouses claiming benefits was $2,170 at age 62.
Retirement experts have offered various rules of thumb about how much you need to save: somewhere near $1 million, 80% to 90% of your annual pre-retirement income, 12 times your pre-retirement salary.
Applying for Social Security retirement benefits is easier than ever. Go to www.socialsecurity.gov to retire online.
When should I apply? If you cannot apply using one of the forms noted above, we recommend you wait 10 days after arriving in the United States to apply for an SSN to make it easier for us to verify your DHS documents online. This will speed up the processing of your SSN application.
You automatically get Medicare
because you're getting benefits from Social Security (or the Railroad Retirement Board). Part B covers certain doctors' services, outpatient care, medical supplies, and preventive services.
The short answer is yes. Retirees who begin collecting Social Security at 62 instead of at the full retirement age (67 for those born in 1960 or later) can expect their monthly benefits to be 30% lower. So, delaying claiming until 67 will result in a larger monthly check.
Monthly Social Security payments are reduced if you sign up at age 63, but by less than if you claim payments at age 62. A worker eligible for $1,000 monthly at age 66 would get $800 per month at age 63, a 20% pay cut. If your full retirement age is 67, you will get 25% less by signing up at age 63.
The earliest a person can start receiving Social Security retirement benefits will remain age 62. Social Security benefits are reduced for each month a person receives benefits before full retirement age.
When asked when they plan to retire, most people say between 65 and 67. But according to a Gallup survey the average age that people actually retire is 61.