Key Points
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Retirees should remember the rules for taking benefits before turning 67.
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They should also check their official earnings record for any mistakes.
Americans are eligible to start receiving Social Security benefits at age 62, but figuring out how much they’re supposed to receive can be confusing. Let’s review the key facts.
The key facts about Social Security benefits
You can start receiving Social Security checks at age 62. Still, the government will permanently reduce those payments because you haven’t reached the full retirement age (FRA) of 67 (for individuals born in 1960 or later) yet. If you start claiming at 62, you’ll receive about 70% of your full benefit per year, but if you start claiming at 67, you’ll receive 100%. If you wait until you’re 70, you’ll receive 124% of the benefit, but there aren’t any subsequent increases.
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You’re also only eligible to receive Social Security checks if you’ve paid Federal taxes on your income for at least ten years. People with disabilities or surviving family members of workers who had previously paid into the Social Security system can receive benefits earlier than the age of 62. Survivor benefits are also permanently reduced if taken before the FRA, but disability benefits are only reduced based on the person’s eligibility and other sources of income.
Lastly, you should check your official earnings record on the Social Security Administration’s website. You should look for any missing or incorrect years of income, since your benefit is calculated from your highest 35 years of earnings on an inflation-adjusted basis. Keeping all these ducks in a row will ensure that you receive the correct benefits when you finally retire.
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