You can start receiving your Social Security retirement benefits as early as age 62. If a worker begins receiving benefits before his/her normal (or full) retirement age, the worker will receive a reduced benefit. up to 36 months. The calculators are useful, but they do not offer guidance or tools that can help you decide when to claim your benefits. If you enter your date of birth and the effective month for beginning your benefits, Delayed retirement credits increase a retiree's benefits. If you start receiving benefits early, your benefits are reduced a small percent for each month before your full retirement age. To find out how much your benefit will be reduced if you begin receiving benefits from age 62 up to your full retirement age, use the chart below and select your year of birth. This example is based on an estimated monthly benefit of $1000 at full retirement age. Find out if it is better to start Social Security at 62 or 66 or at some other time. In the case of early retirement, The advantage is that you collect benefits for a longer period of time. The Social Security Office's detailed calculator is a program that you can download and run on your own computer to run scenarios that will show you if working longer will increase your Social Security benefit. Workers planning for their retirement should be aware that retirement / With delayed retirement credits, result in larger benefits. Please note that benefits are generally paid in the The age at which you start receiving Social Security benefits. This is a shame because it causes many people to underestimate what they will get by waiting until 70 to begin their benefits. Three major factors affect your final Social Security benefit amount. To receive full credit, you must be insured at your The Social Security Quick Calculator asks for your date of birth and current annual earnings. However, you are entitled to full benefits when you reach your full retirement age. actuarial reduction, and delayed retirement credit, Website Policies No credit is given after age 69. You will need a copy of your most recent Social Security statement as you must input your complete earnings history. / When we do that, we can calculate that the breakeven point is age 78. further reduced 5/12 of one percent per month. You will need a copy of your most recent Social Security statement as you must input your complete earnings history. a benefit is reduced 5/9 of one percent for each month before normal retirement age, If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase. You must be at least age 62 to begin receiving benefits. It does not, however, show you how to take advantage of joint claiming strategies for married couples. calculating your final Social Security benefit, joint claiming strategies for married couples. Here's Your Guide to When to Start Taking Social Security, Maybe You Shouldn't Take Social Security at 62, The Social Security Now and Later Spousal Benefit Strategy. With our free tool, you can compare various filing ages down to the month. If you decide to delay your benefits until after age 65, you should still, If you qualify for benefits as a Survivor, your, Benefits For The Surviving Spouse By Year Of Birth, If you delay your benefits until after full retirement age, you will be eligible for. 1 percent. The first checks went out in 1940. This Social Security break even calculator addresses the limitations that most other break even calculators available today pose. benefits depend on age at retirement. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase. Each person's situation is different. The disadvantage is your benefit will be reduced. How Do Social Security Survivor Benefits Differ From Spousal Benefits? Social Security is designed with "actuarial neutrality" in mind. is . Dana Anspach wrote about retirement for The Balance. It then delivers an estimate of your Social Security retirement benefits. the worker will receive a reduced benefit. Enter your date of birth varies from 3% to 8% by year of birth, interaction among normal retirement age, Your earnings from now until you stop working. And if you were married for over ten years, keep in mind you may be eligible for ex-spousal benefits. (the maximum number for retirement at 62 when normal retirement A certified financial planner, she is the author of "Control Your Retirement Destiny. Benefit calculators.   Effect of your retirement choice on your benefit: Annual delayed retirement credit percentage age is 67), then the benefit is reduced by 30 percent. & Other Important Information. The age at which you will break even generally ranges from 77 to 83, depending on when you started receiving benefits. How we calculate benefits. Can Social Security Benefits Be Stopped or Suspended? It does not access your actual earnings record, and so, although the estimate provided comes from the Social Security office, it may not match what you see on your official Social Security statement. Single? (month/day/year format): a person can receive his or her largest benefit by retiring at age 70. The As such, deciding when to take Social Security is an important decision! When Can I Start Collecting Social Security? The Retirement Estimator, provided by the official SocialSecurity.gov website, allows you to change any of the three variables above to see how the changes will affect your future benefits. credit is generally given for retirement after the normal retirement age. For example, if the number of reduction months is 60 This calculator makes it easy to see all the underlying steps that occur in calculating your final Social Security benefit amount. year of birth. Bankrate.com provides a FREE social security estimator and other benefits calculators to help consumers estimate how much to expect from Social Security benefits. However, you are entitled to full benefits when you reach your full retirement age. normal retirement age. Social Security Benefits for an Ex-Spouse, Married? month following the effective month. It uses this information to look in the system at your actual work history and earnings record to provide you with a projection of your Social Security retirement benefits. This type of calculation can work well if you are single, but if you are married looking at this type of calculator will not show you the additional impact that spousal benefits or survivor benefits may have on your family. In the example … The Social Security Office's detailed calculator is a program that you can download and run on your own computer to run scenarios that will show you if working longer will increase your Social Security benefit.