In this video we will investigate how early you can apply to start receiving your Social Security Retirement Benefits.
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The earliest date to apply in advance for Social Security retirement benefits is an essential aspect to consider for individuals planning their retirement. Making the right decision regarding the timing of applying for these benefits can greatly impact the overall financial well-being of retirees. Understanding the early application process and its implications is crucial for retirees to maximize their Social Security benefits.
In the United States, individuals are eligible to begin receiving Social Security retirement benefits as early as the age of 62. However, applying for these benefits prior to reaching full retirement age results in a reduction in monthly payments. Full retirement age varies depending on the year of birth, typically ranging between 66 and 67 years.
The earliest date to apply in advance for Social Security retirement benefits is three months before the month in which an individual wishes to begin receiving their benefits. For example, if someone wants to start receiving benefits in January, they should apply no earlier than October. Applying earlier than the three-month mark is not possible.
The decision to apply early for Social Security retirement benefits should be made after carefully considering various factors. Firstly, potential retirees should evaluate their financial situation and determine whether they can afford to start receiving reduced benefits. Early application results in a permanent reduction in monthly payments, usually around 20-30% less than what they would receive if they waited until reaching full retirement age.
While some individuals may need to start receiving benefits early due to financial constraints, it’s important to consider the long-term consequences. Applying early can significantly impact the total accumulated benefits throughout retirement, as receiving reduced payments for several years can lead to a substantial decrease in overall lifetime benefits.
On the other hand, there are circumstances where early application may make sense. For instance, individuals with health issues or those who have a shorter life expectancy may opt to start receiving benefits early to maximize the total amount received over their lifetime.
To make an informed decision about the earliest date to apply in advance for Social Security retirement benefits, retirees should consider consulting with financial advisors or utilizing online tools provided by the Social Security Administration. These resources can help estimate the impact of early application on future benefits, providing individuals with a clearer understanding of the potential implications of their decision.
It’s important to note that the decision to apply for Social Security retirement benefits is an individual one, and there is no universally right or wrong choice. Factors such as financial stability, health, and personal preferences will vary from person to person. Therefore, it is recommended that individuals carefully analyze their unique circumstances and seek professional advice to determine the earliest date that aligns with their long-term financial goals.
In conclusion, the earliest date to apply in advance for Social Security retirement benefits is three months before the intended start of benefits. However, potential retirees should carefully weigh the consequences of starting benefits early, as it results in lower monthly payments. Considering long-term financial goals and individual circumstances is crucial when making this decision, ensuring that retirees can maximize their Social Security retirement benefits and enjoy a secure and comfortable retirement.
i am still working i applied for benefits i was denied benefits because i am working i will be 65 in june of 2023 my FRA is 66 an months i have already exceeded pay threshold my ? is am i not eligable for any benefitsat all.
Question. When I applied I clicked "I am working" because I am now. However I will NOT be working in three weeks. Was this correct?
Great video thanks so much I'm taking my SS this august at 62
Have things changed? I will turn 62 in June. I am within the 4 month window. I log in to my "mySocialSecurity" account and start the retirement application. It asks me of I'm blind, I answer "No". Then it asks me if I have been unable to work over the past 14 months due to a disability, injury or if my life may end causing me to be unable to work. I click on "No" and it won't let me continue the application. It forces me to answer "Yes" which then takes me to the next page asking questions about my disability issues that I don't have. I called Social Security and waited over an hour for someone to answer and I was told I have to be within 3 months of age 62 and that's why it forces me to the disability application because I'm not eligible yet. I know all over the internet and on the Social Security website it says "within 4 months" but something must have changed or there's some other issue and I was told incorrectly. I want to apply but I'm in a holding pattern.
QUESTION: IF your 1st benefit moth is December 2023 (even though no payment until Jan 2024), would that month create income limitations for 2022?
What if I turn 62 in March, but plan to retire on May 6th. Should I assume my benefits start in May (and thus apply in January), or do I assume my benefits start in June (i.e. the first full month that I no longer have income from by job)?
Is confusing I went today and wanted to start the process, I’ll be 62 in may they kind of told me it was too early. I’ll try online. I am just afraid they later says I don’t have chance to retire at 62
My birthday is July 2 and I turn 70 this year. Does your 4 month formula still hold true for me? Would I be able to file for my retirement in March? Thanks
Good Information very clear easy to understand,, Thanks..
Thank for your information ! I have a question :I'm 62 years old . I understand my SS will not be the full amount as if I was to retire at age of 67 . But when turn 67 , will I start receiving the full amount ? Or will my SS check be short ? Thank You Again !
So….everything on YouTube is bullshit?
SS is a total scam against young people. My wife paid a total of $11,981 into SS and when she reaches FRA in 5 years she will Collect $2,102 per month. Yes, that's right, in her first year she will collect over $24,000 and she only paid in $11,981. It makes me ill.
Excellent video. Answered my question. You talk about it all the time, how every person's situation is different. A high percentage start at 62. Most of them tell me it is because it's their money and they want it. You know I have never actually looked at what i put in from age 16 to now, almost 64. I am curious as to the break even age of getting my money back. You might know that answer or have a video. Of course it would depend on age as our amount increases each year we wait. I would not want to wait until age 70 to start collecting and I believe only a small percentage actually do wait that long. Man. talk about going against the odds starting at that age. That would be like putting money on my Saints to go to the Super Bowl this year, well almost lol.
..and I did. Applied 3 mo before 62, started payments 2 mo after turning 62. Be aware of that. It will still take 14 years to get back just what I put in. Had I waited til 70, it would have been 6 years but id have been 2 years older. Im now not allowed to die until i reach 74 or SS full payback. LOL.
Good stuff
Sounds good. Waiting a few more years for F.R.A. Richard do some information on Medicare. Free Healthcare?? Thanks!
You still get five years of payout even though it’s at a lower rate. Taking it at 62
Do you think it matters much if you take Social Security at 62 or 67?