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Can you draw social security at age 55?
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.
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.
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.
Yes, but your Social Security benefits may be temporarily reduced to prevent a windfall. If you are collecting from both programs, the maximum you can receive is 80% of your c…urrent (most recent) average wage. Also be aware that your Social Security check at 62 will be approximately 75% of what you would have received at full retirement age (in your case, probably 66). The base amount will not increase in the future, unless you return to work and continue contributing to the Social Security trust fund.
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.
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.
In Federal Laws
Yes, a widow or widower can draw reduced survivors' benefits at age 60. In order to receive the full amount, you would have to wait until full retirement age (65 for people bo…rn before 1943; 66 for people born between 1943 and 1954) to file.
If you can, I'm retiring.
In Federal Laws
My sister-in-law was told she can start drawing from my brother's social security when she turns 60 years old.
No, the earliest you can collect Social Security retirement benefits is age 62. While you may be able to retire at age 55, you will need to have other resources to draw from u…ntil you are eligible for Social Security. Retiring at age 55 is difficult for most people. Not only are not you not eligible for Social Security for many more years, but in general, you can't access your retirement accounts until you reach age 59 1/2. Also, you don't qualify for Medicare until age 65. All of these combined make it very difficult for the average person to retire at 55. If you are retiring because of disability and qualify for Social Security disability benefits, you can collect those before age 62.