Wildfire Disaster: Can I Draw Social Security At 62

Wednesday, December 4, 2019

Can I Draw Social Security At 62

Joe was born on June 1. From what you have told us you will reach your own full retirement age during the year that your husband turns 62.

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Should you start taking Social Security at age 62.

Can i draw social security at 62. Eligibility for collecting Social Security includes age length of employment and contributions into the system. Only about 7 of people can get a check for the month they celebrate their 62nd birthday. You must be at least 62 to receive retirement benefits you must have worked at least 40 quarters over your total working life and you must have paid.

As with all retirement planning youre acting like an amateur actuary. At that time if he has filed for benefits you will be eligible for 50 of his. Youll get a payment equal to the higher of the two benefits.

If youre eligible for Social Security you can start collecting your benefits as early as age 62. Consider this move carefully though because if you decide to start benefits at age 62 youll get a reduced amount of money. Therefore the Social Security Administration actually counts those people as 62 and 1 month in the month they attain age 62.

Can you collect Social Security at 62 and still work. You cant file before 62 and it doesnt make sense to file after 70. In this case you can claim your own Social Security beginning at 62 and make the switch to spousal benefits when your husband or wife files.

If they were to take their Social Security at age 62 while in a 10 tax bracket from age 62 to 70 the amount of tax they would pay on those Social Security benefits would be minimal possibly. That generally isnt the case. You can t receive Social Security retirement benefits until you reach the age of 62 so working and receiving benefits isnt possible until you reach that age.

Doing a break-even analysis can help you determine when youd come out. If your FRA is 66 filing at 62 will constitute a 25 hit to. If you were born in 1960 or later for instance filing at 62 could reduce your monthly payment by as much as 30 percent.

Its common knowledge that you can collect Social Security retirement benefits as early as when you turn 62. You can collect Social Security as early as age 62 but your benefits will be permanently reduced. Hi Hal Your wife cannot start drawing her own retirement benefits at 62 and later switch to a spousal benefit equal to 50 of your benefit amount when you start.

Claiming Social Security at 62 means subjecting yourself to the maximum reduction in benefits you can face. AARPs Social Security Benefits Calculator can provide more details on how filing early reduces benefits. Thats the earliest age you can draw your Social Security retirement benefits and like many people you may want to take your benefits as soon as you can.

You can start collecting your Social Security retirement benefits at any age from 62 to 70 and when you do so affects how big the checks will be. You can file as early as 62 but youll only receive 75 of your benefit. By filing at 62 or any time before you reach full retirement age you forfeit a portion of your monthly benefit.

Theyre deemed to have turned 62 on the last day of the prior month. Keep in mind that the criteria for spousal benefits varies depending on whether youre married or divorced. Start earlier and youll receive smaller checks.

If you achieved full retirement age in 2021 you could have earned up to 18240 in 2020 and still received your normal benefit amount without any penalty. To claim Social Security spousal benefits youll need to meet certain criteria including being at least age 62 in most cases. So for those born between 1943 and 1954 the FRA is 66 you are entitled to 100 of your benefit.

Heres an example of three individuals to help make sense of these weird rules around and definitions of birthdays. If youre below your full retirement age but are 62 years or older you can work and receive Social Security benefits at the same time. You can delay retirement until you re 70 years old which is past your full retirement age.

We are the same age. But unless youve reached your full or normal retirement age. You can also continue to work.

Your spouse or ex-spouse also must be living. Currently the SS filing window is between 62 and 70. Social Security will not pay the sum of your retirement and spousal benefits.

One of the best reasons to take Social Security at 62 is if youve got a serious illness or chronic medical conditions.

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