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when can i get social security retirement benefits

When Can I Get Social Security Retirement Benefits
Normal, Early and Late Retirement Benefits
Know What You're Entitled To


For your convenience, the topic is divided into two parts. Part 1 is for you if you were born in 1960 or after 1960. Part 2 is for you if you were born before 1960.

#1. Social Security Retirement Benefits If You Were Born in 1960 or After 1960

Everyone wants to know when you can retire and get Social Security retirement benefits. For Social Security, your normal retirement age depends on your date of birth. If you were born in 1960 or after 1960, your normal retirement age is 67. This mans that at age 67 you can receive 100% of your Social Security benefits in monthly payments.

But not everyone wants to wait to retire at 67. Some people prefer early retirement. Remember, the earliest age that you can receive Social Security retirement benefits is 62 years. You can file for Social Security retirement benefits anytime after you reach age 62, but your monthly payments will be less than if you waited. For example, if you were born in 1960 or afterward, and if you retire at age 62, your monthly payments will be only 70% of normal. Retire at age 63, and your payments will be 75% of normal, for every month as long as you live. Retire at age 64 and your Social Security payments will be 80% of normal, for every month of your life.

On the other hand, you may not be ready to retire at age 67. Good for you. If you wait to apply for Social Security until you are 68, and you were born in 1960 or later, your monthly payments will be 8% larger than normal, for as long as you live. Wait until age 69 to apply, and your monthly payments will be 16% larger, for as long as you live. And if you wait until you are age 70 to apply, your monthly payments will be 24% larger.

#2. Social Security Retirement Benefits If You Were Born Before 1960

If you were born before 1960, your normal retirement age is earlier than age 67. Normal retirement age varies from 65 to 67 years, depending on your year of birth. You can find your normal retirement age in this, the complete chart of Social Security retirement benefits Social Security Retirement Benefits

The chart shows you that retiring before "Normal Retirement Age" (NRA) reduces benefits, and retirement after NRA increases benefits. The chart also shows you the reduced benefits if you retire early, and the increased benefits if you delay retirement beyond your normal retirement age.

Can I Get Social Security Retirement Benefits Even If I Work?

You can collect Social Security benefits even if you continue to work. Your employer will deduct Social Security taxes from your paycheck and remit them. Gradually, your monthly Social Security benefits will increase slightly to reflect the additional Social Security taxes you are paying.

What Is the Social Security Payroll Tax for Working People?

For 2011, the maximum taxable earnings amount for Social Security is $106,800. The Social Security tax rate for wages paid in 2011 is 4.2 percent for employees and 6.2 percent for employers. This rate has been temporarily reduced to stimulate the economy. For Medicare's Hospital Insurance program, there is no limitation on taxable earnings. Tax rates under the Medicare program are 1.45 percent for employees and employers and 2.90 percent for self-employed persons.

How Much Can I Earn While Receiving Social Security?

You can earn as much as you want while you collect Social Security retirement benefits, but it's possible your benefits payments will be reduced. Once you reach normal retirement age, your Social Security benefits will not be reduced, no matter how much you earn. Starting with the month you reach full retirement age, you will get your benefits with NO limit on your earnings.

While you are under normal retirement age, you can earn $14,640. each year, with no loss of benefits. Any earnings above that will reduce your Social Security check, by $1 for every $2 you earn over the limit. For example if you earn $15,000 this year, your annual Social Security benefits will be reduced by $180. It's computed as ($15,000-$14,640) x 50%.

In the year when you reach normal retirement age, and only in that year, the rule is different. In the year you reach your full retirement age, $1 in benefits will be deducted for each $3 you earn above a different limit, but only counting earnings before the month you reach full retirement age. For 2012, the limit is $38,880. So, if you earn more than $38,880, your benefits will be reduced by $1 for every $3 you earn over the limit. For example, if you earn $39,000, your annual Social Security benefits will be reduced by $40. It's computed as ($39,000-$38,880) x 1/3. These earnings limits $14,640 and $38,880 are effective in 2012.

I hope you have a very happy day.
The Retirement Coach


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