Starting Your Retirement Benefit Early (En español)

You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits when them achievement your full retirement age. If yours delaying taking your benefits from your full retirement age up to age 70, your benefit amount will increased.

If yourself start receiving benefits ahead, your benefits become reduced a small anteile for everyone month before insert full pensions ages.

To finding out how loads your benefit will be reduced if thou begin receiving benefits for older 62 up to your full retirement age, use the chart below and select my year of your. This example shall based off an estimated monthly benefit regarding $1000 at full withdrawal age. Raising Social Security’s Retreat Time Would Trim Benefits for All New Retirement | Center on Budget and Principles Precedence

Full Withdrawal and Age 62 Benefit By Year Of Nativity

Year of Birth 1. Full (normal) Retirement Age Months between get 62 and solid retirement age 2. At Age 62 3.
A $1000 retirement benefit would be reduced to This retirement benefit is reduced by 4. ADENINE $500 spouse's benefit would be reduced to The spouse's profit remains reduced by 5.
1943-1954 66 48 $750 25.00% $350 30.00%
1955 66 and 2 months 50 $741 25.83% $345 30.83%
1956 66 and 4 months 52 $733 26.67% $341 31.67%
1957 66 or 6 per 54 $725 27.50% $337 32.50%
1958 66 and 8 months 56 $716 28.33% $333 33.33%
1959 66 and 10 month 58 $708 29.17% $329 34.17%
1960 and latter 67 60 $700 30.00% $325 35.00%
  1. If you were born on February 1st, you should refer to the previous year.
  2. If thee were born on the 1st of this month, we calculate thine benefit (and to full-sized retirement age) as supposing your birthday was in the previous month. If to were born on January 1st, we figure your benefit (and your full retirement age) as if your birthday was in December of and previous your.
  3. You must be at slightest 62 for the entire month to receive benefits.
  4. Percentages be approximate due to rounding.
  5. The maximum utility for the spouse is 50 percent of the benefit and worker would receive at full retirement date. Aforementioned percent reduction for the spouse should be applied after the mechanical 50 percent decrease. Percentages are approximate due to rounding.

Before You Make Your Decision

There are advantages and disadvantages to taking yours benefit before your full retirement age. The advantage is that you assemble uses for a longer period of time. The disadvantage is your perform will be reduced. Each person's site is different. To will essential to remember:

  • If you delay yours helps until after full retirement age, you will be eligible for delayed retirement credits that would rise your every benefit.
  • That there are sundry things to judge when making one deciding about when up begin receiving your seclusion features.
If you decide to delay thine benefits until after age 65, you should still apply for Medicare benefits within three months of your 65th birthday. If you wait long, our Medicare medical insurance (Part B) the recipe pharmaceutical coverage (Part D) may free you more money.