If you were born in December 1949 can you draw Social Security at age 62?
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 to if you filed at full retirement age. Your year of birth is the determining factor in what SSA considers to be your full retirement age. For people born between 1943 and 1954, the age is 66.
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You can earn $14,160 in 2009 on top of your social security retirement check. for anything earned above that amount $1.00 is deducted from your social security check for every… $2.00 you earn. So if you earn an extra $200 above the $14160 your ss check would be $100 less than usual.
Not until she her self reaches age 60 unless she has children at home under age 18. There is always the possibilities she could draw Disability if unable to work. Some women g…et catch in what we call that danger gap of when their husband is older then them and dies. When he dies if she is not age 60 she gets nothing no matter what he was drawing if he was retired unless as stated about the children at home yet. I guess thats why my insurance man when I was young it was important to have good life insurance to protect your wife in the event you died. I see what he means now when I see allot of ladies in their late 50's working hard jobs or flipping burgers just to make ends meet until they reach age 60 to draw on their spouse. Some really dont look to the future on this or save incase this happens for example a stay at home mom with no outside the home working experience and they have lived a really great life since he had an above average job. If they didnt save or have insurance on him then the world can cave in for a woman. Hope this helps in some way. The younger a person gets insurance the cheaper it is and course before something is detected medically by allot of young people dont think about tomorrow alone 30-40 years from now.
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.
If you need it.... but otherwise don't.
Yes. If you qualify under both sets of guidelines, you can receive VA benefits and Social Security benefits at the same time without a reduction in either check.
That question is impossible to answer in this forum with the information provided. You can use one of the Social Security Administration's benefits calculators or request a st…atement from the SSA that projects benefits based on your work record. For more information see Sources and Related Links, below.
You can try estimating your retirement benefit using one of Social Security's benefit calculators or request a statement from the Social Security Administration. You can initi…ate both processes online. See Sources and Related Links, below.
The answer depends on your individual circumstances; however, if you begin drawing retirement benefits at age 62, your check will be approximately 75% of what you would receiv…e at full retirement age (most likely 66). This will be your base rate for the remainder of your retirement.
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.
You can file at 62, but for full social security it is now 67. I am born in 50 and just filed for mine to start in July. The social security web site is very good and you can …file online and finish with a phone interview. It is very easy to do. They base your start date on your birthdate and year
As long as you qualify for both programs, you can collect both at the same time.
Earnings limits for 2011 are unchanged from 2010. The earnings limit for 2011 for people below full retirement age (65 for people born before 1943; 66 for those born betwee…n 1943 and 1954) is $14,160 . If you retire at age 62, 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.
In Federal Laws
2010 and 2011 If you are 62 years old in 2010, you will reach full retirement age at 66. Under 2010 SSA guidelines, people who have not yet reached full retirement age can …earn only $14,160 per year without incurring a penalty. For every $2.00 over the limit, $1.00 is withheld from benefits. There is an exception for the first year of early retirement, though (in this case, age 62). In the first year, there is no limit on the amount of income you can earn prior to the month you retire. You will not be penalized for pre-retirement income. For the remainder of the year, you will receive a full benefit check for each month in which you earn $1,180 or less (one-twelfth of $14,160). If you earn more than the maximum allowed, the Social Security Administration will withhold your monthly benefit check beginning in January of the following year until the overage is completely offset.
No. Only earned income is counted against your Social Security.