The Motley Fool: Signing Up For Social Security At 62

Monday, May 3, 2021

Signing Up For Social Security At 62

When you request them is up to you. 10 rows Starting Your Retirement Benefits Early You can start receiving your Social Security.

The 1 Reason To Claim Social Security At 62 That No One Ever Talks About Nasdaq

Call Social Security at 1-800-772-1213 go to a local SSA field office or request Social Security retirement benefits on the Social Security website to request them at the right time for you and your family.

Signing up for social security at 62. The upside of filing at 62 Claiming Social Security at 62 means subjecting yourself to the maximum reduction in benefits you can face. About 34 of women and 31 of men signed up for Social Security at 62. If you were born in 1960 or later for instance filing at 62 could reduce your monthly payment by as much as 30 percent.

By filing at 62 or any time before you reach full retirement age you forfeit a portion of your monthly benefit. If your FRA is 66 filing at 62 will constitute a 25 hit to. Create Your Own my Social Security Account Today A free account lets you review your earnings history get personalized estimates of future benefits and manage your benefits once they begin.

Now to be clear there are some scenarios where signing up for Social Security at age 62 makes sense. But unless youve reached your full or normal retirement age. You can also continue to work.

Starting benefits at age 62 provides valuable retirement income as soon as possible but it also triggers a reduction in monthly payments because retirees collect them over a longer period of time. The most popular age to sign up for Social Security is 62 with 32 percent of men and 38 percent of women born in 1946 claiming benefits at that age. Also keep in mind that no matter when you start drawing Social Security benefits you must be 65 to be eligible for Medicare.

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. If you want your benefits to start at age 62 you can apply at age 61 and 9 months. If youre eligible for Social Security you can start collecting your benefits as early as age 62.

Even if you are not ready to retire you still should sign up for Medicare three months before your 65th birthday. Medicare Part A covers basic hospital visits and services and some home health care hospice and skilled-nursing services. That would give you a lot more free time to enjoy the things that truly make your life worth living.

If you dont sign up for Medicare Part B when youre first eligible at age 65 you may have to pay a late enrollment penalty for as long as you have Medicare coverage. Should you start taking Social Security at age 62. You should apply four months before you want your benefits to start.

The chart below provides examples of the percentage of your full retirement benefit amount you and your spouse would receive from age 62 up to your full retirement age. But if you sign up at this age youll get 25 smaller Social Security payments if your FRA is 66 and 30 lower payments if your FRA is 67. This is the earliest you can sign up for Social Security and the most popular age.

AARPs Social Security Benefits Calculator can provide more details on how filing early reduces benefits. Ready To Start Medicare. Consider this move carefully though because if you decide to start benefits at age 62 youll get a reduced amount of money.

1 If you decide to start drawing your Social Security at 62 you might be able to transition from a full-time job to a part-time job and still enjoy the same standard of living. Social Security Retirement Benefits and Month of Entitlement. 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 for Social Security retirement benefits when you are at least 61 years and 9 months of age. Social Security will send you sign-up instructions at the beginning of your initial enrollment period three months before the month of your 65th birthday. If you are not receiving your Social Security benefits when you turn 65 you will need to apply for Original Medicare Part A and Part B three months before you turn 65.

An estimated 50 of seniors today retired sooner than planned. Remember that while you can begin drawing Social Security retirement benefits at age 62 your benefits will be 25 percent less than what they will be if you wait until your full retirement age as shown above. Apply four months before you want your Social Security retirement benefits to start.

About 7 of all workers start.

Social Security Retirement Benefits While Working