What happens if you claim social security at age 62?

Current law still allows you to claim just your retirement benefit while holding off on claiming a survivor benefit until a later date. That can work out well, as it lets you get a reduced early benefit right away while letting your future survivor benefit grow toward its full amount when you reach full retirement age.

What’s the magic number for Social Security at age 62?

For those turning 62, the magic number is $17,040 annually, or $1,420 per month. If you’ve been 62 throughout 2018, then for every $2 you earn above the $17,040 mark, you’ll lose $1 in annual Social Security benefits.

When do you start receiving your Social Security benefits?

Starting Your Retirement Benefits Early . 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.

When do I get my social security check for my 62nd birthday?

If your 62nd birthday is Feb. 1, 2022, Social Security will say you reached 62 on Jan. 31; you are clearly 62 for all of February and can get a check for that month.

What is the normal retirement age for Social Security?

The normal retirement age ( NRA ) is the age at which people can receive full retirement benefits upon leaving the work force. In the United States, for example, the normal retirement age for receiving full Social Security benefits is 67 years of age for persons born after 1959.

What are the rules for collecting Social Security?

In general, Social Security requires workers to have 10 full years of work history in order to qualify for retirement benefits. Strictly speaking, the requirement involves earning 40 work credits, with workers eligible to receive up to four credits per year.

Can you collect Social Security and still work?

If you’re at least 62 years of age, you can collect Social Security and continue to work. By taking Social Security early, you’ll be accepting a benefit that is permanently reduced by about 30%. If you earn too much money, your benefits will be reduced for the following year. Nov 23 2019

When are you eligible for Social Security?

The U.S. Social Security Administration (SSA) allows eligible individuals to collect Social Security retirement benefits at any point between 62 and 70 years of age.