Choosing When to Get Social Security Benefits
Posted by admin in Retirement
Every senior will eventually need to decide when they want to retire and start receiving social security benefits. These benefits are entitled to anyone that has worked enough years paying into the social security system for the privilege.
Social security benefits can be received when the individual reaches 62 years old. If benefits are started early, however, there is a reduction in the amount of the benefits given. For someone who turns 62 in 2008, it will mean a reduction of 25% of the benefits per month. The actual benefits are not reduced, they simply will have to be spread out equally over a longer period of time and this means less per month.
Full social security benefits can be received once an individual turns 70. After that age, the amount of benefits that will be received each month is also fixed, and will not be changed after that point.
In between the two ages of 62 and 70, however, benefits can be reduced by a couple of factors. The main one that will change the benefits immediately is the amount of earnings that there are during that time. The greater the earnings are, the sharper the cuts will be. This money will be repaid after the age of 70 is reached.
After the individual turns 70, there also will not be any further reduction in social security benefits. A recalculation will be made to determine the new level of benefits, and then there will be no future changes after that point. There is no additional benefit for waiting until after you turn 70.
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