There is no right time to begin collecting Social Security benefits, but the age at which you begin receiving benefits will affect how much retirement income you will receive over your lifetime, so you should weigh the consequences carefully.
Keep in mind that if you collect Social Security before your full retirement age, your benefit will be permanently reduced.
Depending on the year you were born, you'll receive between 25% and 30% less per month if you collect benefits at age 62 than if you wait until full retirement age.
However, this doesn't necessarily mean that collecting benefits at age 62 is unwise. In fact, unless you live to an especially old age, you may actually end up with more money if you start collecting Social Security benefits at age 62 than if you wait until full retirement age, because you'll receive more benefit checks.
If a spouse did not work they are still eligible for Social Security benefits equal to 50% of their working spouse's PIA (full retirement amount). When the working spouse dies, the surviving, nonworking spouse, is entitled to 100% of their deceased working spouse's retirement benefits.
Should I begin collecting benefits at age 62 (early retirement)?
If they choose to enter retirement at age 62, Social Security benefits can be lowered by 25 % and by 20 %, if they work till they are 64. This discount will be in place no matter how long Social Security benefits are paid. The one time it is going to enhance is when the government points value of dwelling changes, which usually are not very high.
Keep in mind that if you collect Social Security before your full retirement age, your benefit will be permanently reduced.
Depending on the year you were born, you'll receive between 25% and 30% less per month if you collect benefits at age 62 than if you wait until full retirement age.
However, this doesn't necessarily mean that collecting benefits at age 62 is unwise. In fact, unless you live to an especially old age, you may actually end up with more money if you start collecting Social Security benefits at age 62 than if you wait until full retirement age, because you'll receive more benefit checks.
If a spouse did not work they are still eligible for Social Security benefits equal to 50% of their working spouse's PIA (full retirement amount). When the working spouse dies, the surviving, nonworking spouse, is entitled to 100% of their deceased working spouse's retirement benefits.
Should I begin collecting benefits at age 62 (early retirement)?
If they choose to enter retirement at age 62, Social Security benefits can be lowered by 25 % and by 20 %, if they work till they are 64. This discount will be in place no matter how long Social Security benefits are paid. The one time it is going to enhance is when the government points value of dwelling changes, which usually are not very high.
from SOCIAL SECURITY BENEFITS EXPLAINED - Blog http://ift.tt/1TaJ989
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