66 and 2 months If you were born in 1955 your full retirement age is 66 and 2 months. You can start your Social Security retirement benefits as early as age 62, but the benefit amount you receive will be less than your full retirement benefit amount.
What is the penalty for drawing Social Security early?
In the case of early retirement, a benefit is reduced 5/9 of one percent for each month before normal retirement age, up to 36 months. If the number of months exceeds 36, then the benefit is further reduced 5/12 of one percent per month.
What is the new social security law?
Social Security payments will increase by 1.3%. The earnings subject to the Social Security tax will climb to $142,800. Social Security beneficiaries age 65 and younger can earn up to $18,960 before their benefit is temporarily withheld. The full retirement age will increase to 66 and 10 months for those born in 1959.
What’s the percentage of social security you get when you turn 66?
Those who begin collecting before this age (66 for people born between 1945 and 1956, 67 for those born in 1962 or after) receive between 71.5% and 99% of the normal benefit amount, depending on the exact age collection begins.
What happens to Social Security benefits if you are under full retirement age?
Your spousal or survivor benefits may be reduced if you are under full retirement age and continue to work. Social Security is phasing in the FRA increase differently for different types of benefits. For retirement and spousal benefits, full retirement age will reach 67 for people born in 1960 and after.
Can a spouse take both social security and survivor benefits at the same time?
However, both benefits cannot be combined together and taken at the same time. Spouses who are eligible for both the survivor benefit and the retirement benefit based on their own work record, can maximize their total benefits by taking them in the most advantageous order. The Social Security Administration explains how this works:
Who is entitled to 75% of deceased spouses Social Security benefits?
Divorced spouses, if they qualify, can receive the same percentages as widows and widowers. 6 Children under age 18 (or 19, if still attending primary or secondary school) and disabled dependent children can receive 75% of the deceased’s benefit.