Workers who are eligible can begin receiving Social Security benefits at age 62, but those who choose to delay a few years receive a larger monthly payment. The earliest age at which you can begin receiving retirement compensation is 62. Once you turn 61 years old and nine months, you can submit an application.
If you begin receiving benefits before reaching full retirement age (FRA), Social Security will decrease your monthly benefit. The Full Retirement Age (FRA) is 66 and 4 months for those born in 1956, 66 and 6 months for those born in 1957, and eventually, increase to 67 for those born in 1960 or later.
Workers who are eligible can start getting Social Security benefits at age 62, but those who wait a few years get a bigger monthly payment than those who start getting benefits early. (https://phys.org/)
Then and only then do you become eligible for the full amount of your basic monthly benefit, which is based on your 35 best earning years.
If you wait until you are 70 to file, you will accrue delayed retirement credits, which will raise your payment even more. (Applying after the age of 70 won’t affect your compensation.)
For some Social Security benefits, a different starting limit may apply.
Benefits for the spouse on whose work record you are claiming them may start at age 62 if they are already getting retirement benefits. If received before FRA, spousal benefits are diminished.
Benefits for survivors: You can file for benefits on the record of a deceased spouse or ex-spouse at age 60, age 50 if you’re disabled, or age any time if you’re taking care of the deceased’s under-16-year-old or disabled child.
These are also diminished if used before reaching complete retirement age, which is 66 for survivors born in 1956 and two months later for those born in 1957.
Social Security Disability Insurance (SSDI)
There is no minimum age requirement, but you must have worked for a certain period of time and paid Social Security fees. Age affects how much time is required, but you might be able to get SSDI with less time than is required to apply for retirement benefits.
Additionally, you must provide proof that your medical situation stops you from working and that it satisfies Social Security’s strict definition of disability.
Due to the COVID-19 pandemic, there is currently a sizable backlog of disability applications at the Social Security Administration (SSA). According to a report from the SSA’s Office of Inspector General published in July 2022, the organisation had about 833,000 SSDI applications pending in March 2021, an 11.5 percent rise from the same month the previous year.
DON’T FORGET
- When you can obtain benefits is a different issue from when you should actually apply for benefits, which is when.
- Your work position, family situation, and financial and physical health will all factor into the complicated answer.
- Dependent children may obtain benefits based on a parent’s retired or deceased earnings record at any age.
- These can start whenever, but most often conclude at the age of 18.
- When a son or daughter passes away, their parents who were financially reliant on them may begin receiving survivor benefits at age 62.
Read More:
Social Security Cuts: Do Republicans Want to Cut It?
Social Security Disability Benefits: Is It Taxable?
What does Security System provide to disabled workers?
