Q & A
When is the earliest you can start collecting Social Security?
Complete Question: I know that it’s not the most popular thing to do to collect Social Security as soon as you’re eligible at 62, but some of us just have to do it. I did hear something strange, though, that I would like clarified. Someone told me that if you’re going to retire at 62, you actually have to be 62 and one month to be eligible to collect Social Security. Is that really true?
Answer: It’s not true, but I can see why someone may think of it that way. You are eligible for Social Security benefits (assuming no disability, surviving spouse, etc.) at the age of 62 and 0 months; however, benefits are paid similar to a paycheck…AFTER they are due. For example, if your 62nd birthday is on May 10th and you file for your benefits to start as of your 62nd birthday, you will get paid in June, but the payment is your May payment.
Filing for your benefits to start at age 62 and one month, on the other hand, actually would make a difference. Not only would you get your first payment in July, but the benefit amount would be slightly higher (meaning your reduction would be slightly lower) because you waited that extra month for your benefits to start.
So not only are you eligible at 62 and 0 months, some people are even eligible at 61 and 11 months, depending on their exact date of birth. For example, if you turn 62 on May 1st, the Social Security Administration looks at you as if you turned 62 in April and pays you accordingly (you would get your first payment in May). The same goes for full retirement age – if you reach full retirement age on the first of the month, Social Security will consider you full retirement age during the previous month.