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When is it time to plan for Social Security Benefits?

If your full retirement age is older than 65 (that is, you were born after 1937), you still will be able to take your benefits at age 62, but the reduction in your benefit amount will be greater than it is for people retiring now.

Here’s how it works. If your full retirement age is 67, the reduction for starting your

*Retirement benefits at 62 is about 30 percent. The reduction for starting benefits at age
o 63 is about 25 percent;
o 64 is about 20 percent;
o 65 is about 13.3 percent; and
o 66 is about 6.7 percent.

*Benefit as a spouse at 62 is about 67.5 percent of the benefit your spouse would receive if his or her benefits started at full retirement age. The reduction for starting benefits as a spouse at age
o 63 is about 65 percent;
o 64 is about 62.5 percent;
o 65 is about 58.3 percent;
o 66 is about 54.2 percent; and
o 67 is 50 percent.

Age To Receive Full Social Security Benefits
(Called “full retirement age” or “normal retirement age.”)

Note: If you qualify for benefits as a Survivor, your full retirement age may be different.
Year of Birth* Full Retirement Age
1937 or earlier 65
1938 65 and 2 months
1939 65 and 4 months
1940 65 and 6 months
1941 65 and 8 months
1942 65 and 10 months
1943–1954 66
1955 66 and 2 months
1956 66 and 4 months
1957 66 and 6 months
1958 66 and 8 months
1959 66 and 10 months
1960 and later 67

*If you were born on January 1st of any year you should refer to the previous year.

The earliest you can start receiving Social Security retirement benefits will remain age 62.

Note: If you delay your benefits until after full retirement age, you also may be eligible for delayed retirement credits that would increase your monthly benefit.

Vist this site for answers to most of your Social Security Questions:

http://www.ssa.gov/retire2/retirechart.htm