How to Find Out How Much You’ll Get From Social Security at 62
Claim benefits at age 62 and forget about it. That’s what Americans seem to believe despite articles and advice that shows claiming then or at any age before full retirement age (now 67 for most) results in a permanent lifetime cut in monthly benefits. Catherine Brock, however, notes some may need to take benefits early due to the pandemic. Brock states to take five steps to estimate the value of the Social Security check coming your way if you start benefits at age 62. First, set up your online access by visiting my Social Security. Second, review your earnings history. Third, estimate your future earnings. Fourth, check different claiming ages, as delaying a claim for even one month translates to higher Social Security income, because you reduce the number of monthly reductions applied to your benefit. Fifth, know the impact of continuing to work, as there is an earning limit between age 62 and full retirement age. Full piece here.
The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.