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. If you start receiving benefits early, your benefits are reduced a small percent for each month before your full retirement age. To find out how much your benefit will be reduced if you begin receiving benefits from age 62 up to your full retirement age, use the chart below and select your year of birth. This example is based on an estimated monthly benefit of $1000 at full retirement age. Full Retirement and Age 62 Benefit By Year Of Birth
Before You Make Your DecisionThere are advantages and disadvantages to taking your benefit before your full retirement age. The advantage is that you collect benefits for a longer period of time. The disadvantage is your benefit will be reduced. Each person's situation is different. It is important to remember:
If you decide to delay your benefits until after age 65, you should still apply for Medicare benefits within three months of your 65th birthday. If you wait longer, your Medicare medical insurance (Part B) and prescription drug coverage (Part D) may cost you more money. How do I qualify for full retirement benefits?The full retirement age increases gradually if you were born from 1955 to 1960, until it reaches 67. For anyone born 1960 or later, full retirement benefits are payable at age 67. You can find your full retirement age by birth year in the full retirement age chart.
Who is eligible for retirement benefits under Social Security quizlet?Who is eligible for retirement benefits under Social Security? Social Security retirement benefits are only available to covered workers who are fully insured upon retirement.
What three factors determine the amount of your Social Security benefits?Your monthly Social Security benefit is determined by four main factors: your work history, your earnings history, your birth year, and your claiming age.
How does one qualify as a fully insured individual under Social Security?Under Social Security, in order to be considered fully insured, the worker must have worked how many years and received how many quarters? 10 years and 40 full quarters (Workers are fully insured if they have accumulated the required number of credits based on their age.
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