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Age, whether it be young or old, is irrelevant to your taxability.
Social Security IS taxable income, although there is a calculation that makes much of it, if not all of it, NOT actually taxed for many, depending on the amount of SS received AND other income sources (like interest, retirement, Pensions, etc)
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What is the earliest that you can draw Social Security benefits if you were born in 1952?
You can collect Social Security retirement benefits as early as age 62 in 2014, but they will only be approximately 75% of the amount you can collect at your full retirement age of 66, in 2018.
How do you become eligible for social security?
At age 62 if you have enough earned credits (work periods throughout your life) you would become eligible for a reduced portion of your social security retirement if you waited until you were 65 years of age. At age 62 you would receive approx. 75% of what you would have received if you waited until you were 65 years old. Disability under social security prior to your retirement age (either 62 or 65) would depend on your medical condition and how disabled you would be. However you would still need enough work credits to be eligible.
Born in 1957 what age do you retire?
If you were born in 1955, full retirement age is two months after your 66th birthday. You can still take early retirement at age 62, but your benefits would be approximately 75% of the amount they would be at full retirement age.
At what age can a woman draw Social Security?
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 receive 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.
Can you draw your deceased husband's Social Security at age 60?
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 when SSA considers you to be full retirement age. For people born between 1943 and 1954, the age is 66.
If I was Born in 1967 when can I draw social security?
Born between 1943 and 1954 your full retirement age for your social security benefits would be 66. You can start at the age of 62 but you will receive reduced benefit amounts …if you choose to do this. Go to the SSA gov website and use the search box for more information about this.
What does Social Security do for senior citizens?
It is a supplement, along with other savings and assets to provide the retiree with sufficient funds to live comparatively comfortably after their working years, when they are no longer able physically, mentally, or emotionally to compete in the marketplace.
Should you draw social security at age 62?
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 survivors' 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.
How long will Social Security last?
Social Security will last as long as there is political will to maintain payroll taxes to pay for it. It is not slated to go "bankrupt" - that is, to be completely out of money. There will be money in Social Security as long as taxes are collected to put into the system. What is expected to happen, barring some type of reform, is that at some point in the future (and the horizon for this event depends in some measure on the state of the economy), Social Security will not have sufficient funds to pay 100% benefits. Instead, there will be sufficient funds to cover only around 75% of the benefit amount.
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.
What age was Archimedes when he died?
Archimedes died at about age 75.
What is a realistic amount of retirement income you will obtain if you am 75 and live in California?
Determining a realistic amount for your retirement income can be completed by purchasing a program to assist in the calculation. There are multiple considerations such as 401K's, Roth IRA's, age of collecting social security, any employer funded programs, and much more.
