Do I have to do anything with Social Security when I turn 62?

Do I have to do anything with Social Security when I turn 62?

By filing at 62, or any time before you reach full retirement age, you forfeit a portion of your monthly benefit. If you were born in 1960 or later, for instance, filing at 62 could reduce your monthly payment by as much as 30 percent.

How long does it take to get your first Social Security check after you file?

Once you have applied, it could take up to three months to receive your first benefit payment. Social Security benefits are paid monthly, starting in the month after the birthday at which you attain full retirement age (which is currently 66 and will gradually rise to 67 over the next several years).

What can you do when you turn 62?

What To Do When You Turn 62

  1. Make A Social Security Plan. Just because you can claim your benefits doesn’t mean you should.
  2. Maximize Your Catch-Up Contributions. If you’re not thinking about retiring just yet, consider putting more money into your retirement accounts.
  3. Take Care Of Your Health.
  4. Create A Retirement Budget.

What is the average Social Security benefit at age 62 in 2021?

(For context, the estimated average Social Security retirement benefit in 2021 is $1,543 a month. The average disability benefit is $1,277.)

Can I retire on my 62nd birthday?

Workers are not instantly eligible for Social Security retirement benefits on their 62nd birthdays, nor can they receive benefits in the month they turn 62. In general, workers become eligible for a retirement benefit the month after they turn 62, and they may receive their first payment the month after that.

Is 62 a good age to claim social security?

But in spite of that reduction, 62 is still a great age to claim benefits. For one thing, filing for Social Security at 62 could be your ticket to early retirement. Many people work hard all their lives and save diligently for the future.

What are the requirements to collect Social Security at 62?

You can receive Social Security benefits based on your earnings record if you are age 62 or older, or disabled or blind and have enough work credits. Family members who qualify for benefits on your work record do not need work credits.

Should you start Social Security at age 62?

You can start your Social Security retirement benefits as early as age 62 or as late as age 70. Your monthly benefit amount will be different depending on the age you start receiving it.

Is it better to take Social Security at 62 or 67?

Put it off. Generally, it’s best to postpone Social Security benefits as long as possible, at least until your full retirement age as determined by the Social Security Administration, or SSA. If your full retirement age is 67, your Social Security benefit is reduced by: About 30 percent if you start collecting at 62.