Q & A

Is there any penalty for beginning to take my benefits at age 62?

Answer: Yes. If you start taking your benefits before your full retirement age, the amount you can collect will be lower than the amount you can collect at your full retirement age. (If you wait until full retirement age, your benefits will be about 33 percent higher, and your benefits will be about 76 percent higher if you defer them to age 70.) Also, if you begin taking benefits at age 62 while you are still working, $1 in benefits will be deducted for every $2 you earn above $15,480 (for 2014). Visit the “Retirement Estimator” at www.socialsecurity.gov/estimator for more information.

SourceThe Jackson County Times-Journal – June 18, 2014

Notice: The “Read more…” link provided above connects readers to the full content of the posted article and/or external information sources. The URL (internet address) for any links are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. Also, the opinions expressed in these postings are the viewpoints of the original source and are not explicitly endorsed by AMAC, Inc. or socialsecurityreport.org.

What's Your Opinion?

We welcome your comments. Join the discussion and let your voice be heard. All fields are required

Website by Geiger Computers