People can apply for social security retirement benefits from the age of 62 until they are 70, reports the Social Security Administration. Claiming benefits before full retirement age reduces monthly benefit amounts, while waiting until after full retirement age increases benefits.Know More
Full retirement age is the age at which people receive 100 percent of the Social Security retirement benefits due them, according to Bankrate. Although full retirement age used to be 65 for everyone, it is 65 only for those born before 1938, as of 2015. For others, it is between 65 and 67, depending on year of birth. Those who elect to retire early at age 62 permanently lose from 25 to 30 percent of their monthly benefits, states the Social Security Administration. If they instead wait until the maximum age of 70, they can receive over 30 percent more than the full retirement age amount. After age 70, delayed retirement credits no longer affect benefit amounts.
Most people, especially those who have not saved enough for retirement, should delay claiming Social Security retirement benefits as long as possible, recommends Bankrate. People who live to average life expectancy receive the same amount of benefits overall regardless of the time they begin to receive the benefits, states the Social Security Administration. Retirees should look at current financial status, history of family longevity, other sources of retirement income and plans to continue working while assessing when to apply for Social Security retirement benefits.Learn more about Financial Planning
A widow or widower can receive Social Security death benefits as soon as age 60 of full retirement age and as soon as age 50 if the survivor is disabled, according to the Social Security Administration. If the surviving spouse is disabled, the disability must start before or within seven years of the spouse's death.Full Answer >
Individuals can estimate their future Social Security retirement benefits by utilizing the benefit calculator on the Social Security website, explains the Social Security Administration. The retirement estimator gives estimates based on the person's actual Social Security earnings record, but the amount is only an estimate, not an exact amount.Full Answer >
The most precise way to estimate future Social Security retirement benefits is to create a personal My Social Security account on the SSA.gov website, reports the Social Security Administration. Alternatively, individuals are able to use a number of calculators on the SSA.gov website to estimate benefits.Full Answer >
The Social Security website has an online calculator where you can estimate your retirement benefits by first verifying your identity and inputting the requested information to estimate how much you might receive when you retire, the Social Security Administration explains. You can use the calculator if you have enough credits to qualify and are not currently receiving Social Security benefits. You cannot use the estimator if you are age 62 or older and receiving benefits on another Social Security record.Full Answer >