Is it better to get SS at 62 or 66?

You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.


What is the difference in Social Security from 62 to 66?

Social Security benefits will be reduced by 25% for a person who retires at 62 whose full retirement age is 66 (born 1943-1954). Social Security benefits will be reduced by 30% for a person who retires at 62 whose full retirement age is 67 (born in 1960 or later).

What is the average Social Security benefit at age 62?

The amount you are entitled to is modified by other factors, most crucially the age at which you claim benefits. For reference, the average Social Security retirement benefit in 2023 is an estimated $1,827 a month.


Is it better to take Social Security at 64 or 66?

Taking Social Security early reduces your benefits, but you'll also receive monthly checks for a longer period of time. On the other hand, taking Social Security later results in fewer checks during your lifetime, but delaying means each check will be larger.

What is the downside to taking Social Security at 62?

The advantage of taking retirement benefits early is that you start to collect the money that you've been paying over to the government monthly since you started working. The downside to that, however, is that it causes a permanent reduction in your Social Security retirement benefit.


What's the Best Age to Claim Social Security 62, 66, or 70?



What percentage of people take Social Security at 62?

Some 31% of women and 27% of men signed up for Social Security at age 62 in 2018, down from around 54% of women and 50% of men in 2005, according to Social Security Administration data.

What is the best age to collect Social Security?

From a Social Security standpoint, you can start getting lower benefits as early as age 62, or you can delay retirement up to age 70 for your maximum monthly benefit amount. At age 62, your benefit amount is about 25 percent lower than your full benefit at age 66.

Why retiring at 62 is a good idea?

Your Social Security benefit is guaranteed to increase by 8% for each year of delayed claiming between your full retirement age and age 70. If you think you can beat that amount through other investments, you could receive more abundant financial rewards by taking Social Security early and investing the proceeds.


Should I take my Social Security benefits at 66 and still work?

You can get Social Security retirement benefits and work at the same time. However, if you are younger than full retirement age and make more than the yearly earnings limit, we will reduce your benefit. Starting with the month you reach full retirement age, we will not reduce your benefits no matter how much you earn.

At what age is Social Security no longer taxed?

Are Social Security benefits taxable regardless of age? Yes. The rules for taxing benefits do not change as a person gets older. Whether or not your Social Security payments are taxed is determined by your income level — specifically, what the Internal Revenue Service calls your “provisional income.”

What is a good monthly retirement income?

A good retirement income is about 80% of your pre-retirement income before leaving the workforce. For example, if your pre-retirement income is $5,000 you should aim to have a $4,000 retirement income.


What is the average Social Security check at age 66?

The maximum initial monthly benefit for 2023 by retirement age: At age 62: $2,572. At age 65: $3,279. At age 66: $3,506.

Can I collect Social Security at 62 and still work?

You can get Social Security retirement benefits and work at the same time before your full retirement age. However your benefits will be reduced if you earn more than the yearly earnings limits.

Can I work full time at 66 and collect Social Security?

When you reach your full retirement age, you can work and earn as much as you want and still get your full Social Security benefit. If you're younger than full retirement age, and if your earnings exceed certain dollar amounts, some of your benefit payments within the one year period will be withheld.


Does Social Security go up every month after 66?

Social Security retirement benefits are increased by a certain percentage for each month you delay starting your benefits beyond full retirement age. The benefit increase stops when you reach age 70.

How do I get the $16728 Social Security bonus?

Who is eligible for Social Security bonus? For every year that you delay claiming past full retirement age, your monthly benefits will get an 8% “bonus.” That amounts to a whopping 24% if you wait to file until age 70.

Can I stop working at 62 and collect SS at 67?

If You Stop Work Between Age 62 and Your Full Retirement Age

You can stop working before your full retirement age and receive reduced benefits. The earliest age you can start receiving retirement benefits is age 62. If you file for benefits when you reach full retirement age, you will receive full retirement benefits.


What is the Social Security 5 year rule?

You must have worked and paid Social Security taxes in five of the last 10 years. If you also get a pension from a job where you didn't pay Social Security taxes (e.g., a civil service or teacher's pension), your Social Security benefit might be reduced.

What is the difference between taking Social Security at 65 and 66?

If you sign up for Social Security at 65, you'll automatically slash your monthly benefits between 6.67% and 13.34%, depending on your full retirement age, so rather than grapple with a lifelong reduction in Social Security income, commit your full retirement age to memory.

What happens if I retire at 62 instead of 67?

A worker can choose to retire as early as age 62, but doing so may result in a reduction of as much as 30 percent. Starting to receive benefits after normal retirement age may result in larger benefits.


Is it better to retire at 62 or 67?

The earliest you can start Social Security benefits is age 62. However, just because you can start benefits does not mean that you should. Your monthly Social Security paycheck increases significantly for every month and year you delay starting, up until your full retirement age (around age 67).

How much should a 62 year old have saved for retirement?

Suggested savings: The general guidelines recommend having eight times your annual salary saved by 60. The median income for a 55-year-old is about $57,500, which means having $460,000 saved for retirement. Average savings: The average savings for those 55-65 is $197,322, and the average for those over 65 is $216,720.

How can I maximize my Social Security benefits?

7 Tips to Help Maximize Your Social Security Benefits
  1. Check your earnings record. ...
  2. Consider delaying your claim. ...
  3. Work longer – even for a year or two. ...
  4. Claim spousal benefits. ...
  5. Don't forget about your ex-spouse. ...
  6. Understand the impact of earned income. ...
  7. Avoid or minimize taxes.


Do you pay taxes on Social Security?

You must pay taxes on up to 85% of your Social Security benefits if you file a: Federal tax return as an “individual” and your “combined income” exceeds $25,000. Joint return, and you and your spouse have “combined income” of more than $32,000.

How long does it take to get your first Social Security check after you apply?

Benefit applications can take up to three months to process, so apply three months before your planned start date. If you are drawing spousal or survivor benefits on another person's earnings record, your payment date depends on that person's birthday and follows the schedule above.