If a person is 62 years old and would like to start collecting social security, but they will be find 25% of their earning, so say they get started at 62 years and receive $800.00 a month when they trun 66 will they get the full amount of their social security, at $1000.00 a month or will they just get a raise every year, and they are lock in at 62 with $800.00 and 25% holding.no matter what age going up 63,64,65,66,still remain the same.
2007-12-02 16:38:48 · 9 answers · asked by I am women 6 in Business & Finance ➔ Taxes ➔ United States
They will get the $800 per month for the rest of their lives, with minor 2-4% cost of living increases.
But I figured mine out and If I start collecting at age 65 instead of age 62 I have to live to be 76 years old to break even on actual dollars collected. I may not live that long, I'm gonna take the early lower pension.
2007-12-02 16:43:21 · answer #1 · answered by don_sv_az 7 · 1⤊ 0⤋
You are entitled to start collecting Social Security at 62. If your full retirement age is 66, your benefits are reduced by 30%, not 25%. You will collect this smaller benefit over a longer period of time--four more years than if you started collecting at 66. On average, you will collect the same either way just spread out over a different length of time. If you don't expect to have an average life expectancy, you should consider taking the lower benefit now. If all of your grandparents lived to be 90, hang on for a while.
2007-12-03 08:06:18 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The reduction in benefits for collecting early will be permanent, won't stop when the person reaches full retirement age. They'd get the regular increases though that everyone gets.
2007-12-03 02:57:22 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
Go to http://www.ssa.gov/ then click on calculate your benefits.
Once you start taking SS at 62, your rate will not go up to the full rate at 65, you are locked in.
2007-12-03 00:45:44 · answer #4 · answered by mikes subs 2 · 1⤊ 0⤋
If you claim social security early, you get a discounted amount for the entire time you collect social security.
Yes, you are gambling as to whether it would be wiser to delay collecting it if you live, say, to be 85 or not.
2007-12-03 00:44:45 · answer #5 · answered by Anonymous · 1⤊ 0⤋
The reduced rate continues indefinitely. Small increases are made to allow for inflation, but the base amount does not change.
2007-12-03 01:03:47 · answer #6 · answered by Anonymous · 1⤊ 0⤋
If they get 25% being 800, then 100% would be 3200.
To answer your acual question though, you are locked in. Once you start collecting early, then penalize till you die for it. Stinks...
2007-12-03 00:42:31 · answer #7 · answered by thenarcolepticone 3 · 1⤊ 0⤋
Go here:
http://www.ssa.gov/
2007-12-03 00:41:35 · answer #8 · answered by afreeman20035252 5 · 0⤊ 0⤋
you wont get a thing you will be dead by then
2007-12-03 00:41:50 · answer #9 · answered by Jesse C 1 · 1⤊ 1⤋