At what age can you collect Social Security?

[hookaleft]

Is it 62 or 65? TIA

[mopinko]

1. 62, but it's reduced.

the later you file, the more you get.

[elleng]

2. 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.

https://www.ssa.gov/benefits/retirement/planner/agereduction.html#:~:text=You%20can%20start%20receiving%20your,your%20benefit%20amount%20will%20increase.

[Skittles]

3. 62 is the earliest

then there is FRA (full retirement age) which is now between 66 and 67, depending on what year you were born

then there is age 70, which is the LATEST you can claim SS

at age 62 your benefit is reduced, and the amount increases the older you are when you file

if you live a NORMAL life span, you'd get about the same amount of money regardless of when you file

but if you live longer, say, into your 90's - you'd lose quite a bit of money by filing early

[Effete Snob]

5. So, if I want to come out ahead

If I start taking benefits at 62, then by what age should I drop dead to win?

[padfun]

6. I read somewhere that the break even age is 76

nt

[Mr.Bill]

7. I've read 78.

[Effete Snob]

4. Yes, you can now bet against the government on how long you'll live!

[Mr.Bill]

8. I was in a lottery twice

to see if I had a shot at dying in Vietnam.

[Effete Snob]

11. The US government does make life interesting at times.

[Ptah]

12. I won that lottery. #26

[Mr.Bill]

13. I had high numbers both times.

It was rather surreal watching it on TV. It was like a game show where you can lose your life, or win nothing.

[Ptah]

14. I enlisted in the USAF to avoid the jungle.

[Mr.Bill]

15. My dad was in the Army Air Corps in WWII.

He always told me if you want to sleep in the same bed every night, join the Air Force.

[Ptah]

26. Follow the bouncing ball

[malthaussen]

32. Story about AF recruitment:

Kid goes in to sign up, walks right past all the other services to the USAF desk. Marine Gunny asks him, "Hey, why don't you give us other guys a chance?" Kid replies "Because the Air Force is the only service I know where you can retreat at a thousand miles an hour."

-- Mal

[XanaDUer2]

9. I'm trying to get ssdi

At 57. But, had I not been disabled, I'd want to go out at 62. My mom used to say sometimes it's better to get less money for longer. Not sure thats true, but what she said.

[2naSalit]

10. It depends.

If your're talking bout retirement, you can get a reduced retirement at 62 but if you can wait until 67 you get much more.

If you are disabled and approved for SSDI, you start collecting then.

Also, survivor benefits are a section of Social Security so some actually collect it through their childhood and some until after college (your mileage may vary).

[TeamProg]

16. If you take Early Retirement at 62, you are really screwing yourself. You'll have to pay back in

taxes 1 out of every 2 DOLLARS that you earn over the poverty guideline.


​Persons in Family Household / ​Poverty Guideline 2022
​1 ​$13,590
​2 ​$18,310
​3 ​$23,030
​4 $​27,750


So if you're single and take Early Retiremen at 62, you will have to pay back 1 of every 2 dollars that you get from Sec. Sec. that is on top of other income that takes you over 13,590.00 in 2022.

And that amount is SET until you get to Full Retirement, you will then no longer have to pay back that 1 of 2 dollars but the amout is set.

My Full Retirement is 66 & 4 months.

DELAYED RETIREMENT is age 70 for everyone.

85 yrs old is the break even point. Living beyond 85 will bring the most $ from Soc. Sec. no matter your start date, unless your income is above the poverty guideline.

[TexasBushwhacker]

20. The guideline is $25K for singles and $32K for couples

That's the Adjusted Gross Income limit. Beyond those limits, 50% of your SS benefits are subject to income tax. The next threshold is $34K for singles and $44K for couples. 85% (rather than 50%) of any AGI above those thresholds is subject to income tax.

It's your total AGI that matters in terms of taxes, not when you take the benefits.

Personally, even though I'm still working, I started taking my benefits at 62. People in my family don't live that long. I would have to live past 85 for it to be beneficial for me to wait. In the meantime, I put my SSI into savings.

[TeamProg]

21. Is this incorrect? It's a penalty, not so much as a tax.

The Social Security earnings limit is $1,630 per month or $19,560 per year in 2022 for someone who has not reached full retirement age. If you earn more than this amount, you can expect to have $1 withheld from your Social Security benefit for every $2 earned above the limit.


This simple Google info duplicates what I found at Soc. Sec site.


OR THIS:: from https://money.usnews.com/money/retirement/social-security/articles/what-happens-if-you-work-while-receiving-social-security

(This backs up what I wrote about 1 out of every 2 dollars over the poverty guideline)


How Much Can You Earn While Receiving Social Security?

If you opt to work while receiving Social Security before your full retirement age, you will only be able to receive a certain level of income before your Social Security benefit is temporarily reduced. The Social Security earnings limit is $1,630 per month or $19,560 per year in 2022 for someone who has not reached full retirement age. If you earn more than this amount, you can expect to have $1 withheld from your Social Security benefit for every $2 earned above the limit.

For example, suppose you are 65 years old, receive $2,500 in Social Security benefits every month and have a job that pays $2,000 a month. You are over the income limit of $1,630 by $370 each month. During a year, you will receive $24,000 from the job, which is $4,440 more than the annual earnings threshold of $19,560. As a result, $1 out of every $2 above the threshold will be withheld. In this case, $185 will be withheld every month from your Social Security checks. You can expect to receive $2,315 each month from Social Security. When you turn your full retirement age, your payments will be recalculated to give you credit for the withheld portion of your benefit.

[TeamProg]

22. 2022 Federal Poverty Guidelines OA ADAP Federal Poverty Guideline Chart

https://www.cdph.ca.gov/Programs/CID/DOA/Pages/OA_ADAP_Federal_Poverty_Guideline_Chart.aspx

[padfun]

25. But that is only earned income. My pension of $43,000 isnt counted at all toward that number.

It's only if I work and make more than the $18,000 do I pay it back.
If SS is going to be your only income, then yes, it is best to wait until 66 or even 70 if you are able to.

[TeamProg]

27. Yeah, that's not payroll earned income, nor are the rents I collect.

But I was working earned income part time til I was 65. Then I coasted, no earned at all from Nov.21 until Full Soc Sec Retirement just this last May.

Fortunately I have a good tax woman!

[NNadir]

18. Work until you're 70 and you'll get the maximum benefit.

[GoneOffShore]

28. That's 'betting against the house'.

Sometimes it's better to take the money and run.

[NNadir]

29. Well, if I don't get all my money back, people who need it will have it. It's OK with me.

Social Security was designed to share the wealth. I'm going to continue to work until I can't, and I'll take the extra money - I can use it - but if I don't get all that I paid in, well, it's a small payment for the privilege of living in this country and the ability to work here.

[GoneOffShore]

30. That's one way to look at it. But I'm glad I started pulling at 62.

If we had waited until I was 70, we wouldn't have made it through the last 12 years without cashing investments.

[roamer65]

19. 62.

I’ll probably go part time at 60.

Draw off the 401k as needed then draw SS at 65.

[TeamProg]

23. I was born in '56.. Full Retir. is at 66+4 months.. Yours might be later.

There are penalties when takling it early.

[roamer65]

24. I'm not too worried about it.

I hafta get there first.

[malthaussen]

31. Disability: any time, if you can persuade them you're disabled. Retirement: 62...

... but it's reduced. I went with 62, because I wanted to be grandfathered, and never thought SS would last long enough for me to collect. I still think "get it while you can" is the sensible choice.

-- Mal

[imavoter]

33. Depends on the year you were born.

For my age group full retirement age
is considered 67.

Social Security website has many
answers.