How Your Social Security Benefit Is Reduced
| If you start getting benefits at age* | And you are the: Wage Earner, the benefit amount you will receive is reduced to | And you are the: Spouse, the benefit amount you will receive is reduced to |
|---|---|---|
| 64 | 86.7 | 41.7 |
| 64 + 1 month | 87.2 | 42.0 |
| 64 + 2 months | 87.8 | 42.4 |
| 64 + 3 months | 88.3 | 42.7 |
Do you get Social Security if you retire before 62?
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 2021, your benefit would be about 29.2 percent lower than it would be at your full retirement age of 66 and 10 months.
When does the retirement age for Social Security go up?
The age for collecting full Social Security retirement benefits will gradually increase from 65 to 67 over a 22-year period beginning in 2000 for those retiring at 62. The earliest a person can start receiving reduced Social Security retirement benefits will remain age 62.
Why do people claim social security at age 64?
Another good reason to claim benefits at age 64 is if you’ve saved well for retirement and therefore don’t need that money, but rather want those payments so you can enjoy more activities while you’re younger.
What happens to your social security if you retire at 62?
As the age for collecting full Social Security benefits increases, persons who retire at age 62 will see a greater reduction in their Social Security benefits.
When was the minimum age for Social Security lowered to 62?
Social Security benefits will be reduced by 30% for a person who retires at 62 whose full retirement age is 67 (born in 1960 or later). The Social Security Amendments of 1956 lowered the minimum age for retirement benefits to 62 for women. The Social Security Amendments of 1961 extended the early retirement provision to men.
