When You Start Your Benefits
You can start your Social Security retirement benefits as early as age
62 or as late as age 70. Your monthly benefit amount will be different
depending on the age you start receiving it. If you choose to:
* start your benefits early, they will be permanently
reduced based on
the number of months you
receive
benefits before you reach your full retirement
age. The reduction in
your benefit amount will also
depend
on the year you were born.
The maximum reduction at age 62 will be
- 25 percent for people who reach age 62 in 2009.
- 30 percent for people born after 1959.
For more information on
Social Security Benefits, try our resources page.
You could see a change in your benefit amount if you work after you
start receiving benefits.
Some of your benefits may be withheld if you have excess earnings.
However, after you reach full retirement age, they will recalculate your
benefit amount to give you credit for any months in which you did not
receive some benefit because of your earnings.
* wait until full retirement age, your benefits will not be reduced.
* delay benefits until after full retirement age, your benefit will be
permanently increased based on the
number
of months you do not receive benefits between full retirement age
and age 70.
Note: If you are full retirement age, you can apply for retirement
benefits and then request to have payments
suspended. That way, your
spouse can receive a spouse's benefit and you will continue to earn
delayed
retirement credits until age 70.
There is no additional benefit increase after you reach age 70, even if
you continue to delay taking benefits.