Mike asked in Politics & GovernmentLaw & Ethics · 1 decade ago

# If born in 1955 what age can a person retire and start to collect social security?

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• DrIG
Lv 7

You can begin collecting at age 62 and 2 months.

Your retirement allowance would be reduced by 25.83% ifyou retire early at age 62 and 2 months.

You spouses benefit if she is going to get her benefit based on yours would be reduced by 30.83%.

• 4 years ago

When Can A Person Retire

• 5 years ago

Early retirement is 66 and 2 months.

You have a ways to go...at least 10 years.

From the Social Security Admin's website below:

"The earliest a person can start receiving Social Security retirement benefits will remain age 62.

Social Security benefits are reduced for each month a person receives benefits before full retirement age.

For persons whose full retirement age is 65, a retirement benefit is reduced by 5/9 of 1% for each month of benefits prior to full retirement age.

As the age for collecting full Social Security benefits increases, persons who retire at age 62 will see a greater reduction in their Social Security benefits.

For persons whose full retirement age is age 65 and 2 months or later, a retirement benefit will be reduced by 5/9 of 1% for each month up to the first 36 months of benefits before full retirement age, plus 5/12 of 1% for each month of benefits in excess of 36 prior to full retirement age.

Examples:

Social Security benefits are reduced by 20% for a person who retires at 62 whose full retirement age is 65 (born 1937 or earlier).

Social Security benefits will be reduced by 205/6% for a person whose full retirement age is 65 and 2 months (retires at 62 in 2000).

Social Security benefits will be reduced by 25% for a person who retires at 62 whose full retirement age is 66 (born 1943-1954).

Social Security benefits will be reduced by 30% for a person who retires at 62 whose full retirement age is 67 (born in 1960 or later). "

• cardin
Lv 4
4 years ago

definite, in case you wait until you're sixty six the advantages would be better, yet there is likewise the probability which you are going to deliver at the same time for a shorter quantity of time than somebody who starts off amassing at 62, by way of fact you're 4 years closer on your dying at age sixty six than you're at 62 . as nicely, with the way issues are going, who's familiar with how a lot longer the gadget will proceed to be solvent ? i would be 62 in April and plan to start amassing then .

62 for reduced benefits and 66 for full. You should get a paper from SSI every year telling you the age and amount you will draw at that time. If you haven't gotten it, call and request it.