I heard that despite "qualifying" for social security many years ago, I have to be employed for 14 months immediately prior to starting to collect. If I retire at 50, I am not eligible to collect SS yet, but because I won't be working immediately prior to turning 62 (earliest to collect) I will lose all SS benefits. Is this true?
2007-11-02 09:40:54 · 3 answers · asked by The Kid 3 in Business & Finance ➔ Taxes ➔ United States
It is not true that you must be employed for 14 months immediately prior to start collecting benefits.
If you have 40 credits of work under SS, you qualify for benefits. You can request your statement at the link below, and it will estimate for you what your benefit will be at age 62 or later. You can also always call or visit the local SSA office and they will assist you.
Click the link marked " Request your Social Security Statement"
https://secure.ssa.gov/apps6z/isss/main.html
2007-11-02 11:46:36 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
Absolutely not true. As long as you have the required 40 credits, you can start collecting at 62 or after. I personally retired at 57 and started collecting at 63 - could have at 62 if I had wanted to.
2007-11-02 16:15:23 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
You must have earned 40 credits of income. In todays money, this means earning about $4,000 per year for 10 years. Your benefit is based on your average indexed monthly earnings over 35 years. Indexed earnings compensate for average income changes over the years.
2007-11-02 09:53:11 · answer #3 · answered by Anonymous · 1⤊ 0⤋