It’s a shock to some people when they find out they can’t receive Social Security benefits as soon as they turn 62.
The SSA has A LOT of strange rules. But there’s one that takes this to a whole new level and its called the “day before” rule. This rule says that your Social Security birthday is the day before your actual birthday. This has a lot of impact in the Social Security system including a big impact to when you can receive Social Security benefits.
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I am an actual practicing financial planner, but I’m not YOUR financial planner. Don’t take what I say as specific advice for your situation. Please consult with your own tax, legal and financial advisors.
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⚠️I am not an attorney or SSDI advocate. Furthermore, since I don’t really know you, I can’t give you advice. Please don’t take this video as specific advice for your specific situation. Consult your own tax, legal and financial advisors.
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As retirement planning becomes more and more important, it is essential to know when you can start taking Social Security benefits. Some may believe that they can begin receiving benefits at 62, but this is not always the case. Here’s why.
One of the main factors is retirement age. The Social Security Administration considers your “full retirement age” to be between 66 and 67, depending on the year you were born. If you choose to take your benefits as early as age 62, your monthly payments will be reduced by as much as 30%.
Another consideration is income. If you exceed a certain income threshold while receiving benefits, you may have to give some of that money back to the government through taxes. If you claim benefits before full retirement age, there is a cap on how much you can earn without penalty, currently set at $18,240 per year.
It is important to note that claiming Social Security benefits at age 62 is not always a bad decision. If you are in poor health or have a family history of early mortality, claiming early may be the smart decision. On the other hand, if you expect to live a long and healthy life, delaying your benefits until full retirement age or even beyond can be a smarter move.
In addition, if you continue working and earning a significant income, delaying benefits may allow you to maximize your payments in the long run. By waiting until full retirement age, you can avoid any reduction in benefits and potentially earn delayed retirement credits, increasing your monthly payments.
In conclusion, while it is true that you can begin receiving Social Security benefits at age 62, it may not always be the best decision. Understanding your full retirement age, income thresholds, and personal situation can help you make the best decision for your retirement needs.
Talk about weird.
Wow! Not like we don’t have enough stupid in our life already.
I'm retired military..im taking mine at 62..I will also have a small pension from my current job..I may work a little part time..but I'm going fishing..
It's tragic that a system WE have PAID for all our lives, is SO screwed up ! How do we change this ??
must be nice i'll have to work until i die.
My birthday is actually June 2nd. lol. So this was great info
Stop calling it benefit, its not a handout. This your money that the government takes from your paychecks when you are working. There need to be laws that allow someone to opt out and request a lump sum for all your money plus interest.
I believe actuaries also follow this rule. It goes back to an old court case in England and was brought over to the American colonies under English common law.
So taking SS at any other age than 62, this means nothing, correct? Say your 63, 64 or 65?? Means nothing, right?
So I have my birthday December 13 I asked I have to wait till January 13 and apply
This is such BS. Read the other peoples posts here. Social security pays 1 month in arrears and You will get your check 2 months after your birthday. If it runs to 3 months they still pay you since your birthday. You will get a large first check. The other BS that they tell you is to wait, wait, you will get more. NOTHING IS GUARANTEED IN LIFE NOT EVEN TOMORROW, COLLECT AT 62
Why would anyone want a puny check at 62???
SS at 62? Look at your SS statement. Why accept a puny check???
Do you have any videos for people like me that worked 15 years paying into SS and now working paying into Railroad Retirement?
My birthday is on the 2nd of the month. Is there a way to get that extra .4%?
Thx for the great info! Planning to retire on my full retirement age which is 66 years old and 6 months. I was born May 17, 1957. What month i shld start applying for my benefits? Thx again.
I tried to get social security at 64 and they said I needed to pay them back. Plus I got taxed by irs. They really suck.
Yes, i turned 62 end of May. Applied for retirement in early May for retiring July 29th.(last day i worked) Received my 1st check from SS in the 4th week of September. So there is a waiting period depending on what day your birthday falls on. Best thing i ever did! Don't wait until your dead or almost dead to get your money. Best thing you can do at 55 is plan for retirement at 62 and get all your living cost down so you can comfortably live on SS wages and what ever else you have coming to you. If you must you can still work part time for extra income if needed while retired. You just can't go over a certain amount.
Your wrong I got mine at 62,!
Nice job Devin!
It's best to look at it like a paycheck. You don't get paid in advance by your employer before you do the work. You earn that monthly Social Security payment by living through the month successfully, then you are compensated the following month for staying alive for the benefit period.
Yeah no I’ll get it early. I rather get something than full benefits then live a little then die. Besides other savings and retirement accounts will make up for any short fall.
My mom was born on April 13th of 1960 & She wanting to apply for SSI on the 22of February & yes she is 62 Now
The social security office is trying to coerce, and trick me into filing a fraudulent disability claim. When I refused. It filled out a fraudulent disability claim anyway.Filing a claim for retirement in October in the local New Orleans office. Representative continually referred to my disability claim. I corrected her several times. She set up a phone appointment for Dec 22, 2022 2:45 PM. to give direct deposit payment routing information. She also recommended I apply online. I got a letter confirming the appointment, and advising me again to speed my application up by filing online. I tried but got shunted to a disability claim. I did not complete the online claim. I received a confirmation letter of the incomplete online disability, and retirement claims. Today I did not get the appointed call. I called Social Security local, and main numbers. They both said the person responsible for the call claimed she made the call. I stated that was not true. I was also told it was the disability claim that was hanging my claim up. I requested that claim be stopped as it was false. I was refused any corrective action for anything. They told me I would receive another appointment by no specified means, and at no specified time, and that my payment would be delayed. All of my communications with that office included threats that my payment would be delayed if I didn't file the disability claim they wanted. I have been refusing to cooperate, and they finally claim I never even filed a claim. That was the very suspicious, and unsatisfactory end of the calls. I have reported this fraud to several federal law enforcement, and oversight agencies.
If you properly invested in your retirement this shouldn't even matter if your that reliant on your social security to a point where you don't have any money put away don't retire.
What is the link to get your one page SSA benefit guide?
YOUR FULL OF SHIT
File for SS at 70. Begin RMD's at 72
Good information. The example used is my birthday June 6.
I just applied. My 62nd birthday is December 31st. SS told me my first check will come on Jan 23rd. Perhaps they changed it since your video was a year ago.
I have many years to go before I could even retire early at 62. I’m afraid there’s gonna be more of this BS rules in effect before it’s my time to enjoy my Social Security.
Most of the comments on this page are coming from spoiled brats who cant wait to get to the Federal welfare trough. No generation in the history of the world has had more given to them than Boomers and yet so many resent their station in life.
i. 58. Y. R. I. Cant. W. K. P. M. C.
If somebody asks me my age I tell them that I am 68. Truth be told I've been 68 since March. If you are concerned about a day here, or a day there, they you are in big trouble. This video is a huge waste of time. Also I hate the use of the word "benefit" when it comes to Social Security. It's not a benefit and it not an entitlement. It's your money that was taken from you when you worked. It's not the government "giving" you money. It's the government "returning" your money. Never forget that part.
Fake News!
I need the ssn cheat sheet please
Doesn't make sense why a person born on the second gets less money than everyone else ???
What is the rush to be first in line for the Federal welfare trough? Seniors should relax and collect their SS checks at 70. Look at your SS statement if you don't believe me. No need to look at clickbait videos like this one that promise an early check with disastrous long term results.
It's different for everyone. People with health conditions probably want the early retirement so they can travel or do things they enjoy before their conditions make that impossible. I have been diagnosed with heart disease. I feel fine, and I see a doctor. The vast majority of my family members died in their 70s. I may or may not take it at 62, but I sure won't wait until full retirement age just to get more money. That would be foolish given my family history and personal diagnosis.
Wait until you are 70 to collect Federal welfare. If you need the money before 70 don't retire.
Do you know anything about the disability part of the SSA? As I look into it while waiting on knowing if I'm approved or not I'm starting to think that they want me to give up on my case. Some of the hold up seems unnecessary
Took my ss at 62. Am now 81 and still kicking. I did have HER2 positive cancer at 75 but came out great after a year of chemo. I am glad I made the right decision to move in early. With COVID and all the other stuff that's happening I would do the same again.
Is there any way to get any funds from SS with only 39 quarters in? I am unable to get that 40th quarter in.
The government isn't saying your birthday is a day earlier. One year is 365 days. January 1 through December 31. January 1 through January 1 equals one year and one day.
I'm gonna wait until I turn 80 to maximize my SS and not consider the fact I could die.
The government is so full of crap you work all of your life you should be able to get your money back I hate the government with a pashion.
That is a lie. I know someone that got their SS at the age of 62. What you got to say for that? So stop lying to people and tell the truth.
What about if your Birthday on 21st and or 26th of the month?
But, you're still getting Social Security at the age of 62. Your title states differently. I got mine at 62, so this is all nonsense.