Taking social security at 62

What are you talking about? You are absolutely right. He has a disease and all the more to take it now. My husband has applied for his and he will be turning in March. He also is unemployed and just now started receiving unemployment benefits and the sum is like.

One of the most controversial questions in personal finance is when people should start taking their.

Starting at your full retirement age, Social Security boosts your monthly check to make up for the. Is the best age to start drawing Social Security? Should I take social security at age 66?

Age is the earliest age at which you can begin drawing on your Social Security retirement benefits, and like many people, you may want to take your benefits as soon as you can. Consider this move carefully, though, because you might be making a big mistake. That can eat up a large chunk of your Social Security payments. Taking Social Security early to pay for temporary health care cost locks in a permanent Social Security reduction. They make this decision without understanding the long term consequences.

Your monthly benefit amount will be different depending on the age you start receiving it.

If you choose to: start your benefits early, they will be reduced based on the number of months you receive benefits before you reach your full retirement age. Turning might not sound like a milestone birthday, but it is: That’s the earliest age the Social Security Administration (SSA) allows individuals to begin taking benefits from the system. The break-even age goes up the longer you wait. See the graph below for an illustration of sample break-even points.

If you start your benefits early, they will be reduced based on the number of months you receive benefits before you reach your full. Before you decide when to take Social Security, you should consider factors such as your future financial situation and health. If you have an IRA, pension, or 401(k), your retirement money is at serious risk.

The idle age for claiming any of social security benefit is 66. For many planners, that means advising their clients to wait beyond the early claiming age of before taking their benefits. There are other circumstances where it might be better to take Social Security income early instead of. Most of the information and “advice” you find online makes the case that delaying your filing is always the right thing to do. There’s good reason for that: filing for Social Security at means taking reduced benefits.

But taking it between ages 63. There are hundreds of strategies, but your decision really comes down to three choices. Tune in to find out what. The question of when and how to file for Social Security benefits is linked to a host of issues that are unique to each.

Claiming at age reduces your benefit approximately below the amount you are eligible for at full retirement age—or 6 depending on the year you were born. Most retirees consider their monthly Social Security check a big part of retirement planning.

In theory, Social Security seems really simple. Most individuals filing for early Social Security benefits now find that full retirement age is – the age set by Social Security to collect 1percent of the primary insurance amount or PIA. Hi Don, Yes, Social Security benefits are reduced by a percentage for each month that you start prior to full retirement age (FRA). Get Your Replacement Card From Home.

Benefits Age Eligibility.