You can start collecting Social Security
as early as 62 or as late as 70. The earlier you begin, the smaller the annual amount you get. And the later you start, the larger your payments. The underlying principle the SSA has adopted in providing these options is trying to equalize the lifetime value of the benefits. If you’re not working when you turn 62, and Social Security income would help cover your living expenses, you can apply for your benefit. If you were born between 1943 and 1954, you’ll be eligible for 75% of the amount you would have received if you were 66. That reduction is permanent. If you were born between 1955 and 1960, that percentage drops gradually to 70% as full retirement age increases to 67. If you’re working when you start taking benefits and your earnings for the year are more than the limit Congress sets, some of your benefits will be deferred until after you reach full retirement age. Specifically, SSA withholds $1 for every $2 you earn over the limit if you’re 62 through 65, and $1 for every $3 over the limit the year you reach full retirement age. The SSA can help you   Read more…