When am I eligible for Social Security if I was born in 1970?

When am I eligible for Social Security if I was born in 1970?

The law raised the full retirement age beginning with people born in 1938 or later. The retirement age gradually increases by a few months for every birth year, until it reaches 67 for people born in 1960 and later.

Can I retire at 62 if I was born in 1970?

You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.

What is the earliest I can retire if I was born in 1970?

The age at which you gain access to full Social Security benefits depends on the year you were born. If you were born between 1943 and 1954, your FRA is 66. If your birth year is 1960 or after, your normal retirement age is 67.

What is my full retirement age for Social Security?

The full retirement age is 66 if you were born from 1943 to 1954. The full retirement age increases gradually if you were born from 1955 to 1960, until it reaches 67. For anyone born 1960 or later, full retirement benefits are payable at age 67.

How do you find out how much Social Security you will receive?

Plan for Your Future with Your my Social Security Account With your my Social Security account, you can plan for your future by getting your personalized retirement benefit estimates at age 62, Full Retirement Age (FRA), and age 70.

How do you find out if you have enough credits for Social Security?

The best way to check Social Security credits is to go to the main Social Security website at www.ssa.gov. The SSA (Social Security Administration) keeps a constant record of both your work credits and your earnings. You will have to create a my Social Security account before you can view your records.

What is the difference between taking Social Security at 62 and 70?

The benefit at age 70 in this example is about 77% more than the benefit you would receive each month if you start getting benefits at age 62 — a difference of $540 each month. last as long as you live, provide valuable protection against outliving savings and other sources of retirement income.

What is the lowest amount of Social Security you can receive?

DEFINITION: The special minimum benefit is a special minimum primary insurance amount ( PIA ) enacted in 1972 to provide adequate benefits to long-term low earners. The first full special minimum PIA in 1973 was $170 per month. Beginning in 1979, its value has increased with price growth and is $886 per month in 2020.

How soon after your birthday do you get your first Social Security check?

Social Security benefits are not prorated. They start the month following the birthday. The schedule, according to AARP, follows this rule: When the birth date falls between the 1st and 10th of the month, the payment is issued on the second Wednesday of the month following the birthday month.

Can a person that never worked get Social Security?

The only people who can legally collect benefits without paying into Social Security are family members of workers who have done so. Nonworking spouses, ex-spouses, offspring or parents may be eligible for spousal, survivor or children’s benefits based on the qualifying worker’s earnings record.

What’s the best time to retire?

When is the Best Time to Retire

• 59 1/2 – This is when you can access your retirement accounts with no penalty.
• 62 – This is the average age because you can start collecting Social Security benefits.
• 65 – This is the age that Medicare benefits begin.
• 70 – This is when your Social Security bonus stops adding to itself.