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The average retired-worker benefit at age 62

You can start receiving your Social Security retirement benefits as early as age 62; however, if you start receiving benefits early, your benefits are reduced. There are advantages and disadvantages to taking your benefits before your full retirement age; however, you should be aware that claiming your benefits early will impact the amount of your Social Security benefits. Trevor Jenniewine outlines the average Social Security benefit at age 62 compared to the average benefit amount at other ages. Read Mr. Jenniewine’s article here…

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Comments On This Topic

  1. I am 64 and thinking of applying for social security benefits, my wife is 56. I am currently receiving a pension from my previous employer. My wife and I own a small business where I am the sole proprietor. We file our taxes jointly.
    For tax purposes, would it be beneficial to make my wife the sole proprietor, form an LLC or other?

    • Bill:

      Thanks for the message. Unfortunately, our Advisory Service is limited to Social Security areas. We are not accredited to provide tax advice, other than to answer questions related to how Social Security benefits become subject to federal income tax. We advise you to contact a certified accounting firm regarding your question.

      Gerry Hafer, Social Security Advisor
      AMAC Foundation

      CONFIDENTIALITY NOTICE: The contents of this message, including any attachments, are confidential and are intended solely for the use of the person or entity to whom the message was addressed. If you are not the intended recipient of this message, please be advised that any dissemination, distribution, forwarding, printing, copying, or use of the contents of this message, and any attached documentation, is strictly prohibited. If you received this message in error, please notify the sender. Please also permanently delete all copies of the original message and any attached documentation. The opinions and interpretations expressed in this message are the viewpoints of the message’s author, a trained advisor accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). The author, the NSSA, and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state agency.

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