The amount of benefits owed varies based on your retirement age in Social Security.
Widow/Widower: Age 60
If you are a widow or widower, you can start receiving Social Security retirement benefits at age 60. If you have not reached full retirement age and are still working and earning more than the maximum earnings limit, your benefits will be reduced. Once you reach full retirement age, no further reduction will apply, regardless of your work and earnings. Workers must wait until full retirement age to begin widow/widower benefits.
Minimum Age Eligible for Social Security: 62 Years
Although you can start receiving benefits at age 62, that doesn’t mean you should start taking them at that age. This is primarily because you will receive reduced benefits. If you wish to have a larger guaranteed income later in retirement, waiting until you are a bit older to start receiving benefits may be appropriate. Remember that even if you are retired, you can wait until age 70 to apply for Social Security to receive a higher benefit. It is one of the best ways to ensure you have a higher inflation-adjusted income later in life.
Full Retirement Age: 65-67 Years Depending on Birth Year
Your full retirement age is determined based on your birth date and year, which is the age at which you receive the full amount of Social Security benefits. For each year you delay receiving benefits from your full retirement age until you turn 70, your benefit amount will increase by approximately 8% per year. This is referred to as delayed retirement credit. This increase can lead to a lifetime income boost for you and your spouse. Even after considering the potential return on investment and the monthly benefits you would have received had you claimed early, there is still an increase in lifetime benefits of $50,000-$100,000 when you wait until you’re older.
Age 70: Wait and Collect Delayed Retirement Credits
By the time you reach age 70, you will receive the maximum amount of benefits you can get from Social Security. You cannot delay your Social Security retirement age past age 70 because your benefit amount will not increase. Waiting until age 70 to start Social Security if you are married and the higher earner leads to an increase in your spouse’s survivor benefit.
Conclusion
You should consider very carefully the age at which you claim benefits. Your Social Security benefits might be more valuable than you think: you are making a decision about a large amount of money. In most cases, you cannot easily change your mind because Social Security benefits are not designed to be stop-and-start.
Frequently Asked Questions (FAQs)
What is the difference between survivor benefits and spousal benefits?
Social Security spousal benefits are based on the work record of your living or former spouse. Survivor benefits are claimed by a widow or widower. Spousal benefits are limited to 50% of your spouse’s full benefits, but there are no restrictions on survivor benefits. You can receive the full amount of your spouse’s benefits if you are a widow or widower and have reached full retirement age.
Can I claim Social Security benefits before age 60 if my spouse has died?
You can claim survivor benefits before age 60 if you are disabled or if you are caring for the deceased person’s child who is under age 16 or disabled.
Can I …
Was this page helpful?
Thank you for your feedback! Let us know why!
Resources:
Social Security Administration. “Retirement Benefits.”
Social Security Administration. “Planning for Your Survivors.”
Social Security Administration. “Receiving Benefits While Working.”
Social Security Administration. “Early or Late Retirement?”
Social Security Administration. “Retirement Benefits: Delayed Retirement Credits.”
Social Security Administration. “Retirement Benefits.”
Social Security Administration. “If You Are the Survivor.”
Source: https://www.thebalancemoney.com/what-is-my-social-security-retirement-age-2388279
“`css
}@media screen and (max-width: 480px) {
.lwrp.link-whisper-related-posts{
}
.lwrp .lwrp-title{
}.lwrp .lwrp-description{
}
.lwrp .lwrp-list-multi-container{
flex-direction: column;
}
.lwrp .lwrp-list-multi-container ul.lwrp-list{
margin-top: 0px;
margin-bottom: 0px;
padding-top: 0px;
padding-bottom: 0px;
}
.lwrp .lwrp-list-double,
.lwrp .lwrp-list-triple{
width: 100%;
}
.lwrp .lwrp-list-row-container{
justify-content: initial;
flex-direction: column;
}
.lwrp .lwrp-list-row-container .lwrp-list-item{
width: 100%;
“`
}
.lwrp .lwrp-list-item:not(.lwrp-no-posts-message-item){
}
.lwrp .lwrp-list-item .lwrp-list-link .lwrp-list-link-title-text,
.lwrp .lwrp-list-item .lwrp-list-no-posts-message{
};
}
Leave a Reply