The online Social Security Statement also provides an estimate of your retirement benefits at age 62, full retirement age, and age 70 along with survivor and disability benefits.
If you wait to collect your retirement benefit after you reach your full retirement age, but before you hit age 70, you have to wait until the next January to see your full delayed retirement credit show up in your monthly check.
You could start your survivor's benefit at age 60, and then flip to your own retirement benefit from age 62 on, although the benefit would be reduced if you started it before your full retirement age.
Typically, the higher earner claims his or her benefit at full retirement age, then suspends it.
If they claim benefits at 62, they get just 75% of their full retirement age benefits.
Social Security benefits are taxed, and the full retirement age has been raised to age sixty-seven.
And survivor benefits are 40 percent higher at full retirement age than at 60.
Note that the spouse who files a restricted application must be at least full retirement age.
About three quarters of Americans file for Social Security benefits before their full retirement age.
For example, if you started collecting at 62 and are now at your full retirement age, i.e.
Most people know that if you were born in 1960 or later, your full retirement age is 67.
There is no advantage to waiting to start collecting survivor benefits after you reach your full retirement age.
Then, the full retirement age increases in steps to age 67 for those born in 1960 and later.
There is no advantage to waiting to start collecting spousal benefits after you reach your full retirement age.
Suppose you drop dead before you start collecting your retirement benefit and before you reach full retirement age.
Spousal benefits are 43 percent higher at full retirement age than at 62.
You start taking withdrawals at 67 (the Social Security full retirement age) and deplete the account when you're 84.
This generally amounts to an increase in the retirement benefit of 8% for each year delayed beyond Full Retirement Age.
Generally, spousal benefits are up to 50% of the other spouse's monthly benefit at full retirement age (some age restrictions apply).
In other words, you can, in this situation, wait until your full retirement age to start collecting your unreduced excess spousal benefit.
For the boomers turning 62 next year (and anyone born from 1943 through 1954) the Social Security "full retirement age" is 66.
Payouts are reduced if SSI claims are made before full retirement age.
And the age at which one retires differs, too, with many retirees opting out of the workplace at earlier than full retirement age.
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Bear in mind, too, that the full retirement age has already gone up to 66 and is scheduled to rise to 67 under current law.
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Next, individuals should delay receipt of Social Security benefits until reaching at least full retirement age, or 66 for those born from 1943 to 1954.
More than half of those matriculating from SSDI in 2011 left because they had reached full retirement age, and therefore transferred onto traditional Social Security benefits.
For each year they wait past 66, they get 8% more (plus an inflation adjustment), for a maximum benefit at 70 equal to 132% of the full retirement age payout.
For those retirees, their savings have to last for an even longer period of time when compared to the retiree who leaves the workplace at full retirement age or later.
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Likewise, if the deceased spouse would have been older than Full Retirement age when the Survivor Benefit is applied for, there is an increase applied to the Primary Insurance Amount.
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