my social security benefits when i retire?
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Early retirement 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. For example, if you turn age 62 in 2020, your benefit would be about 28.3 percent lower than it would be at your full retirement age of 66 and 8 months.
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Key Takeaways. 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.
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First, congratulations on waiting until 70 to collect your Social Security benefits. ... Fortunately for you, since you're past your full retirement age (FRA), there's no benefit reduction based on income (however, earned income will likely impact your benefit if you take Social Security before your FRA).
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If you're recently retired because you reached your company's mandatory retirement age and your only income is from Social Security, you're probably eligible for unemployment compensation. ... To determine if you're eligible or not, you'll need to read the unemployment compensation regulations for your particular state.
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If you're receiving Social Security disability benefits, your disability benefits automatically convert to retirement benefits, but the amount remains the same.
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Until you reach full retirement age, Social Security will subtract money from your retirement check if you exceed a certain amount of earned income for the year. ... If you are collecting Social Security retirement benefits before full retirement age, your benefits are reduced by $1 for every $2 you earn over the limit.
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If you choose to work while receiving Social Security benefits, your benefit amount will be reduced only until you reach your full retirement, which is age 66 for those born between 1943 and 1954. ... Secondly, spousal benefits are reduced if the primary beneficiary is under full retirement age and has excess earnings.
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Key Takeaways. Your Social Security benefits will be based on the income you earned during your working years. Only your 35 highest-earning years will be counted. If you take Social Security before full retirement age, your benefits will be permanently reduced.
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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.
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The SSA will simply change your disability benefit to a retirement benefit once you have reached full retirement age. When you reach that age, however, can vary depending on which year you were born in.
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Conditions Making it Likely (Not Certain) You're Eligible If you're recently retired because you reached your company's mandatory retirement age and your only income is from Social Security, you're probably eligible for unemployment compensation.
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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. Social Security spousal benefits pay about half of what your spouse gets if that's more than you'd get on your own.
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The amount you receive in Social Security benefits is based on an average of your highest-earning years. If you're earning more now than ever before, your best bet is to keep working and delay receiving benefits until age 70.
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The benefit you receive at 62 is 70% of your primary insurance amount, and goes up to 100% on a monthly basis until full retirement age. If you want or can afford to delay your SS benefit, it will increase by 2/3rds of 1% for each month you delay retirement (8% per year) up to age 70.
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Benefits For Your Family. If you're getting Social Security retirement benefits, some members of your family may also qualify to receive benefits on your record. If they qualify, your ex-spouse, spouse, or child may receive a monthly payment of up to one-half of your retirement benefit amount.
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Receiving Social Security Income While Working. In the year you reach full retirement age, your benefits will be reduced by $1 for every $3 you earn above $48,600 (for 2020). 7﻿ ﻿Starting with the month you attain full retirement age, your benefits will no longer be reduced.
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If you're getting Social Security retirement benefits, some members of your family may also get benefits, including: Spouses age 62 or older. Spouses younger than 62, if they are taking care of a child entitled on your record who is younger than age 16 or disabled.