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The starting age can differ for other types of Social Security benefits: Spousal benefits can begin at 62, as long as the spouse on whose work record you are claiming them is receiving retirement benefits. The agency is facing a huge and growing backlog of pending disability claims, according to its most recent annual performance report.
Life events. Life priorities. Investor education. Tools and calculators. Contact us. Open an account with Merrill. Helpful resources. Answered by. You can start collecting your Social Security benefits at age See chart below. Every year that you delay taking benefits beyond your full retirement age — up to age 70 — the larger your monthly benefit will be for the rest of your life.
There are many factors to consider when deciding when to file, such as whether you'll be working during retirement or when your spouse may be collecting Social Security benefits. However, choosing when to collect your benefits is up to you. Those higher monthly benefits could add up to higher cumulative benefits over the course of your retirement.
The potential for higher annual payouts could help with expenses that may increase with age, such as medical costs. The longer your life expectancy, the more sense it may make to wait to collect Social Security benefits. Bear in mind that if you claim benefits before your full retirement age and are still working, your benefits could be reduced. The timing of when you collect could also affect your spouse's benefits if he or she outlives you. Collecting early could potentially result in a lower survivor benefit for him or her, while delaying could increase it.
Before you decide what timing is right for you, you need to consider your personal situation and weigh a number of factors. The best time to claim Social Security benefits depends on your marital status, health, family history, employment status and financial needs. For women , who typically live longer than men and may have saved less, waiting could be especially beneficial.
You may want to claim Social Security benefits earlier if your parents or grandparents didn't live past 75, if you're in poor health, or if you know you'll need the money before you reach full retirement age. Your birthday generally determines your monthly payment schedule :. There's an exception if you were born on the first day of the month. In this case, Social Security considers you to have attained full retirement age on the last day of the previous month.
For example, if you were born July 1, , you attain full retirement age on Aug. Find the answers to the most common Social Security questions such as when to claim, how to maximize your retirement benefits and more. You are leaving AARP. Please return to AARP. You'll start receiving the latest news, benefits, events, and programs related to AARP's mission to empower people to choose how they live as they age.
You can also manage your communication preferences by updating your account at anytime. You will be asked to register or log in. Just be sure that you have enough other income to keep you going and that your health is good enough that you are likely to benefit from the wait.
Social Security Administrator. Social Security Administration. Social Security Bulletin. Accessed Oct. Internal Revenue Service.
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