When to start collecting Social Security benefits. Chapter 1.

You have three main options:

  • Start collecting early
  • Start collecting at full retirement age
  • Start collecting after full retirement age

We will have a series of articles on this subject because there’s much to discuss. Let’s begin by defining full retirement age.

 

Year of birth

Full retirement age

1943-1954

66

1955

66 and 2 months

1956

66 and 4 months

1957

66 and 6 months

1958

66 and 8 months

1959

66 and 10 months

1960 or later

67

 

 

Your full retirement age is the age when you qualify for 100% of your social security benefits.

If you start collecting social security benefits and then change your mind you may be able to withdraw your claim and re-apply at a future date if you do so within 12 months of your original application. All benefits must be repaid and you can only do this once.

Tagged , ,
%d bloggers like this: