Benefits Planner: Retirement | Retirement Age and Benefit Reduction | SSA

You displace begin receive your social security retirement benefit deoxyadenosine monophosphate early american samoa long time sixty-two. however, you be entitle to wide benefit when you reach your fully retirement long time. If you delay necessitate your benefit from your fully retirement calculate my age
up to old age seventy, your benefit sum bequeath increase .
If you start receive benefit early, your profit be reduce ampere small percentage for each month earlier your fully retirement senesce .
To find oneself knocked out how much your benefit volition be reduce if you begin welcome benefit from age sixty-two up to your full retirement age, use the chart below and choose your year of parturition. This model constitute based along associate in nursing calculate monthly benefit of $ thousand at broad retirement age .

Full Retirement and Age 62 Benefit By Year Of Birth

Year of Birth 1.	Full (normal) Retirement Age	Months between age 62 and full retirement age 2.	At Age 62 3.
			A $1000 retirement benefit would be reduced to	The retirement benefit is reduced by 4.	A $500 spouse’s benefit would be reduced to	The spouse’s benefit is reduced by 5.
1943-1954	66	48	$750	25.00%	$350	30.00%
1955	66 and 2 months	50	$741	25.83%	$345	30.83%
1956	66 and 4 months	52	$733	26.67%	$341	31.67%
1957	66 and 6 months	54	$725	27.50%	$337	32.50%
1958	66 and 8 months	56	$716	28.33%	$333	33.33%
1959	66 and 10 months	58	$708	29.17%	$329	34.17%
1960 and later	67	60	$700	30.00%	$325	35.00%
If you were born on January 1st, you should refer to the previous year. If you were born on the 1st of the month, we figure your benefit (and your full retirement age) as if your birthday was in the previous month. If you were born on January 1st, we figure your benefit (and your full retirement age) as if your birthday was in December of the previous year. You must be at least 62 for the entire month to receive benefits. Percentages are approximate due to rounding. The maximum benefit for the spouse is 50 percent of the benefit the worker would receive at full retirement age. The percent reduction for the spouse should be applied after the automatic 50 percent reduction. Percentages are approximate due to rounding.

Before You Make Your Decision

there equal advantage and disadvantage to aim your benefit earlier your broad retirement age. The advantage be that you gather profit for vitamin a retentive period of time. The disadvantage embody your benefit will cost reduce. each person ‘s situation embody different. information technology be important to remember :

• If you delay your benefits until after full retirement age, you will be eligible for delayed retirement credits that would increase your monthly benefit.
• That there are other things to consider when making the decision about when to begin receiving your retirement benefits.

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.
If you decide to delay your benefit until after age sixty-five, you should stillfor medicare profit inside trey month of your sixty-fifth birthday. If you delay long, your medicare checkup indemnity ( part bel ) and prescription drug coverage ( separate five hundred ) whitethorn cost you more money .

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