When do i start receiving social security

For example, if you were born in and file for benefits at age 62, your monthly benefit will be 30 percent less than if you had filed at your full retirement age of Every month past your full retirement that you delay, Social Security will increase your check by about 0. A larger benefit check sounds great, but there are tradeoffs, and soon-to-retire folks should consider multiple issues before they decide one way or the other on when to file.

Neiser urges those who have not saved enough for retirement to use whatever means possible to postpone their Social Security benefits until after their full retirement age to help boost their future income. Americans become eligible for federal health insurance coverage at age 65, well after when you can begin to file for Social Security. If you work during retirement, you have another incentive to delay collecting Social Security.

Earning too much at a job after you begin collecting your benefit can reduce your payout, but only if you have yet to hit full retirement age. However, when you hit full retirement age, your benefit will increase to account for any benefit that was withheld earlier due to working. However, taking early benefits can still pay off despite the reduced monthly check. Married women are also good candidates for claiming early benefits because they are likely to outlive their husbands.

However, this scenario works only if the husband does not claim his benefits early. By not claiming early benefits, the husband effectively increases the monthly benefit his wife eventually receives. Your break-even age occurs when the total value of higher benefits from postponing retirement starts to exceed the total value of lower benefits from choosing early retirement. If you expect to live beyond that age, it could make financial sense to delay drawing benefits.

Consider your own financial needs, health and other retirement plans before making the call. But if you expect to live until a ripe old age and you otherwise have your own financial resources, it can make a lot of sense to delay taking your monthly benefit and pile up a larger paycheck while you wait.

How We Make Money. Written by James Royal. Written by. James Royal. Rewards for Good. Share with facebook. Share with twitter. Share with linkedin. Share using email. The starting age can differ for other types of Social Security benefits: Spousal benefits can begin at 62, as long as the spouse on whose work record you are claiming them is receiving retirement benefits.

The agency is facing a huge and growing backlog of pending disability claims, according to its most recent annual performance report. Keep in mind The question of when you can receive benefits is separate from a more important question: When should you claim benefits? Updated November 3, Can I work and collect Social Security?

Retirement Planning Social Security. Table of Contents Expand. The Application Process. Key Takeaway For Social Security income, the youngest age when you can apply is 61 years and nine months old. You would then receive your first Social Security check four months later—the month after your 62nd birthday.

While it typically takes several weeks to process a new application, some may be approved in the same month when you apply. Article Sources. Investopedia requires writers to use primary sources to support their work.

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Investopedia does not include all offers available in the marketplace. Related Articles. Partner Links. Social Security benefits are payments made to qualified retirees and disabled people, and to their spouses, children, and survivors. Full Retirement Age FRA The full retirement age is the age at which people can receive full retirement benefits upon leaving the workforce. Social Security Definition Social Security is a federally run insurance program that provides benefits to many American retirees, their survivors, and workers who become disabled.

What Is Retirement? Membership My Account. Rewards for Good. Share with facebook. Share with twitter. Share with linkedin. Share using email. If you have a reasonable expectation of living decades past retirement, postponing benefits to get a bigger payment could prove important to your long-term financial stability. But if you turn 62 in poor health, or have a genetic predisposition to certain illnesses, you may decide it makes more sense for you and your family to get what you can, while you can.

How long do you expect to be steadily employed? Many older workers are being nudged into early retirement as companies downsize, and they wind up spending their last working years in the gig economy. If you find yourself scraping to cover expenses, filing for Social Security at age 62 and taking lower benefits may be what you need to make ends meet. Still, there are strong arguments for waiting as long as you can: Filing earlier locks you into a lower benefit, permanently.