When Can You Start Collecting Social Security?
When Can You Start Collecting Social Security?
The earliest you can start collecting retirement benefits is age 62. You can apply once you reach 61 years and 9 months of age. However, Social Security reduces your payment if you start collecting before your , or FRA. (FRA is 66 and 4 months for people born in 1956 and is for those born in 1960 or later.) Only then do you qualify for 100 percent of your basic monthly benefit, which is from your 35 highest-earning years. Your payment will increase even more if you wait until age 70 to apply, as you’ll be accruing . (You can apply later than 70, but it doesn’t change your benefit.) The starting age can differ for other types of Social Security benefits. : These can begin at 62, as long as the spouse on whose work record you are claiming them is already receiving retirement benefits. Spousal benefits are reduced if taken before FRA. : You can apply for benefits on the record of a deceased spouse or ex-spouse at 60; 50 if you are disabled; or any age if you are caring for the deceased’s under-16 or disabled child. These are also reduced if claimed prior to full retirement age, which is currently 66 for survivors. (SSDI): No age requirement, but you must have spent some time in work in which you paid . The amount of time increases with age, but you may with less time in the workforce than you need to collect retirement benefits. You must also demonstrate that your medical condition and show evidence that it prevents you from working. The Social Security Administration (SSA) is facing a large backlog of disability claims that grew during the . The agency had about 833,000 applications for SSDI pending in March 2021, an 11.5 percent increase from one year earlier, according to a from the SSA's Office of the Inspector General.
When can I collect Social Security
Listen to this article 0.00 0.00The earliest you can start collecting retirement benefits is age 62. You can apply once you reach 61 years and 9 months of age. However, Social Security reduces your payment if you start collecting before your , or FRA. (FRA is 66 and 4 months for people born in 1956 and is for those born in 1960 or later.) Only then do you qualify for 100 percent of your basic monthly benefit, which is from your 35 highest-earning years. Your payment will increase even more if you wait until age 70 to apply, as you’ll be accruing . (You can apply later than 70, but it doesn’t change your benefit.) The starting age can differ for other types of Social Security benefits. : These can begin at 62, as long as the spouse on whose work record you are claiming them is already receiving retirement benefits. Spousal benefits are reduced if taken before FRA. : You can apply for benefits on the record of a deceased spouse or ex-spouse at 60; 50 if you are disabled; or any age if you are caring for the deceased’s under-16 or disabled child. These are also reduced if claimed prior to full retirement age, which is currently 66 for survivors. (SSDI): No age requirement, but you must have spent some time in work in which you paid . The amount of time increases with age, but you may with less time in the workforce than you need to collect retirement benefits. You must also demonstrate that your medical condition and show evidence that it prevents you from working. The Social Security Administration (SSA) is facing a large backlog of disability claims that grew during the . The agency had about 833,000 applications for SSDI pending in March 2021, an 11.5 percent increase from one year earlier, according to a from the SSA's Office of the Inspector General.