how long will social security benefits be available?
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and one out of seven will live until at least age 95. Social Security benefits, which last as long as you live, provide valuable protection against outliving savings and other sources of retirement income.
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It can take the SSA about six weeks to process your application and start your benefits. However, it might take longer if you supply incorrect information, or the SSA requests that you provide additional information to process your case.
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You can get Social Security retirement benefits as early as age 62. However, we'll reduce your benefit if you retire before your full retirement age.
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The maximum Social Security retirement benefit that can be collected at full retirement age is $2,788 per month in 2018, though few people are able to collect this amount.
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Social Security retirement benefits start as early as age 62, but the benefits are permanently reduced unless you wait until the full retirement age of 66 or 67. Payments are for life. ... Payments are for life. Social Security survivor benefits go to certain family members of deceased workers.
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Expected Time Frame It can take the SSA about six weeks to process your application and start your benefits. However, it might take longer if you supply incorrect information, or the SSA requests that you provide additional information to process your case.
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Applications for Social Security benefits can only be processed a maximum of four months before benefits are scheduled to begin. Thus, the earliest you can apply is age 61 and nine months, and you can expect to receive your first payment four months later—the month after your birthday.
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The 2020 Social Security Trustees Report shows that combined retirement/survivor and disability funds will run out in 2035, the same as last year's estimate. A key reason: The Disability Insurance trust fund is now estimated to last until 2065, 33 years longer than 2032, the prediction of just two years ago.
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Ready To Start Medicare? If you'll turn 65 within three months, you can use our online application to apply for Medicare and Social Security retirement benefits at the same time, or you can use it to apply for just Medicare.
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Also, beware, for upcoming retirees full retirement age for your Social Security benefits is NOT 65 - it is age 66 or later. 7﻿ For most of you this means even if you retire at 65, you'll be best off waiting a year or so before beginning your Social Security benefits.
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The maximum possible Social Security benefit in 2020 depends on the age you begin to collect payments and is: $2,265 at age 62. $3,011 at full retirement age. $3,790 at age 70.
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(When the full benefit age reaches 67, benefits claimed at age 70 will be 24 percent higher because of that delay.) The maximum retirement benefit in 2017 for someone who waits until age 70 to collect benefits is $3,538 a month. For more information, see: Social Security Benefits, Finances, and Policy Options: A Primer.
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You can get Social Security retirement benefits as early as age 62.
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You can file up to four months before that, which gives Social Security ample time to process your application. As the minimum age to collect retirement benefits is 62, the earliest you can apply is when you reach 61 years and 9 months.
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Short-term disability benefits typically last between three to six months. Long-term benefits are measured in years; you can apply for a benefit period that lasts two, five, or 10 years, or until retirement age. Broadly speaking, the shorter the benefit period, the cheaper the disability policy.
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You can receive up to 50% of your spouse's Social Security benefit. You can apply for benefits if you have been married for at least one year. If you have been divorced for at least two years, you can apply if the marriage lasted 10 or more years.
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You Can Receive Benefits Before Your Full Retirement Age You can start receiving your Social Security retirement benefits as early as age 62, but the benefit amount will be lower than your full retirement benefit amount.