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Can you draw social security at age 55?
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Yes, under the current laws anyone who has accumulated 40 work credits may retire at age 62, but you will only receive approximately 75% of the benefit you would be entitled t…o if you filed at full retirement age. Your year of birth is the determining factor in when SSA considers you to be full retirement age. For people born between 1943 and 1954, the age is 66.
No change in the age drawing "early" social Security (i.e.: 62) is contemplated at the time of this posting. However, the age at which you can file for 'full' SS benefits is… dependent upon your year of birth, and the age for filing has been rising for several years. Check with the SS Administration 800 number or call your local SS office for further information.
The earliest you can collect Social Security retirement benefits is age 62. You can collect Social Security disability benefits at age 30 if you are found disabled under Soc…ial Security guidelines and if you or a spouse have earned a sufficient number of work credits to qualify. At age 30, you need to have accumulated approximately 18 work credits, which is roughly the equivalent of 4.5 years of full-time work (half the number of years between age 21 and 30). Bear in mind Social Security payments are tied directly to the amount of money you've contributed to FICA during your working years, so a 30-year-old's check is likely to be low even if supplemented by SSI (Supplemental Security Income, a form of welfare). The minimum combined monthly payment may be as little as $675 per month (based $674 minimum SSI guarantee), but will vary by individual depending on your work record.
There is no limit on earned income once you reach full retirement age. You will continue receiving your full benefit regardless of your work situation. If you were born befo…re 1943, full retirement age is 65; between 1943 and 1954, retirement age is 66; between 1955 and 1960, retirement age gradually increases to 67.
typically you can start when you hit 62, but it is a lesser amount than if you wait longer, say 65 or 70.
Only if you qualify for SSDI (disability) or survivors' benefits under Social Security guidelines. A widow, widower, or qualifying ex-spouse may receive Social Security surviv…ors' benefits for retirement as early as age 60, or age 50 if disabled. The earliest a person can collect regular Social Security retirement benefits is age 62.
There is no gender discrimination for Social Security benefits. If you or a spouse have earned the 40 required work credits, you can begin drawing Social Security benefits at …age 62. Under certain circumstances, you may be eligible for benefits calculated on a spouse's work record (if applicable) if one-half the spouse's benefit is greater than the amount you qualify for on your own work record. Be aware that filing for Social Security benefits before full retirement age (65 for people born before 1943; 66 for people born between 1943 and 1954) reduces the cash benefit to as little as 75% of the amount you would receive by waiting until full retirement age. Also be aware that, while you can collect cash benefits at age 62, you must still wait until age 65 to enroll in Medicare.
You can take early retirement at age 62 if you have accumulated the required 40 work credits, but your benefit amount will be reduced to approximately 75% of what you would re…ceive if you postponed retirement until full retirement age (66 for people born between 1943 and 1954) or later. You can collect Social Security disability (SSDI) benefits at any age if you meet guidelines for both work credit eligibility and disability determination.
You can draw a reduced Social Security benefit starting between age 62 and your full retirement age. Someone born in 1953 has a full retirement age 66. You should become fami…liar with the Social Security website given in the related link.
Age 73 is well beyond what Social Security considers full retirement age. There is no limit to how much income you can earn while continuing to draw benefits. You will not be …penalized.
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At 74, you are well beyond what the Social Security Administration considers full retirement age (FRA), so there is no cap on the amount of money you can earn without a reduct…ion in monthly income. You will continue receiving your full benefit check regardless of your work situation.
The earnings limit for 2010 for people below full retirement age (65 for people born before 1943; 66 for those born between 1943 and 1954) is $14,160. If you retire at age 6…4, you can earn any amount before retirement without incurring a penalty; however, once you retire, you can only earn $1,180 per month. If you earn more than the income limit, SSA will deduct $1.00 for every extra $2.00 earned. Your benefit check will be withheld beginning in January of the following year until the overage is completely offset. This can result in no Social Security income for a number of months, depending on how far you went over the limit.
If you can, I'm retiring.