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Should you draw social security at 62?
If you need it.... but otherwise don't.
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Can people born in 1958 still draw their Social Security retirement benefits at 62 years old?
Yes. 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 wou…ld receive if you postponed retirement until full retirement age. People born in 1958 reach full retirement age at 66 + 8 months (eight months after your 66th birthday in 2024).
Fransis Kuz
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Can you draw veterans widow compensation and your Social Security at age 62?
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.
You were born in 1953 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 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.
Darline Dunaway Schiller
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When you are 58 can you draw your Social Security?
You can only draw Social Security benefits at age 58 if you are disabled; otherwise, the earliest you can draw retirement benefits is age 62.
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 t…o 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.
Karlene Price
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If you draw Social Security at 62 how much additional money can you make?
Earned Income 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 ea…rn 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. Unearned Income There is no limit on passive (unearned) income you can receive from other sources, such as pension, annuities, capital gains, dividends, gifts, etc. There is also no limit to the amount of income other family or household members may earn. None of this money affects your retirement benefits, regardless of your age.
Joan Chambliss
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Is it best to draw Social Security benefits at 62 or full retirement age?
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.
Frank Ganz
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Can you draw Worker's Comp and Social Security at 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.
How much can you earn and still draw social security if you are under 62 years old?
You can't draw Social Security retirement benefits until you are 62 years old, so unless you're declared disabled under Social Security guidelines, this isn't an option for yo…u.
My husband and I are the same age but I want to draw on husband's social security when I am 62 and he will wait until he is 66 can we do it that way?
Nope, you have to wait until he collects before you can collect on his. However, you can collect on your own.
Answered
Can a wife draw on husbands Social Security if he died before age 62?
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.
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How much income can you earn and still draw early Social Security at age 62?
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 ea…rn 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.
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Can you draw you social security and draw on you spouses social security?
It is my understanding that if you & your spouse are living. You can. But! If your spouse is dead. Then SSI let's you decide which check you want to draw from you cannot have… both when one is gone.
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What will your Social Security benefits be at age 62?
Social Security Online has benefit calculators to help you estimate how much retirement income you may receive. Bear in mind that retiring at 62 will reduce the monthly amount… to about 75% of the benefit you would receive at full retirement age. For people born between 1943 and 1955, full retirement age is 66. You can also call the Social Security Administration at 1-800-772-1213 between the hours of 7:00 am and 7:00 pm EST, and request that they send you a statement of projected retirement benefits. See Sources and Related Links, below, to access the benefits calculator.
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If you are 62 and live in Minnesota can you draw Social Security and unemployment benefits at the same time?
Yes, providing you qualify under each of the program's criteria. The are independent of each other.