One way to celebrate 73 years of social security is by learning more about your current Social Security status. The following questions can help you stay informed on how much Social Security you may collect, when you can collect and how certain factors may impact your overall Social Security benefit. For more information on Social Security, visit the Social Security section of WISER's website.
1. Have you earned a worker benefit?
Yes, if you’ve worked 10 years (unless you are disabled).
2. Do you know how much your benefit will be?
The Social Security Administration will be mailing a statement to everyone (age 25 and older) three months before your birth month. If you haven’t gotten yours, send for a free estimate by calling 800-772-1213.
You can calculate it on your own by using the Social Security Administration’s Retirement Planner on their Web site at www.socialsecurity.gov/planners.
3. Do you know the earliest age you can collect a retirement benefit?
Age 62 (unless you are widowed).
4. Do you know what happens to your benefit if you retire early?
If you start your benefits early, your benefits are reduced permanently. Your benefit is reduced about one-half of one percent for each month you start your Social Security before your full retirement age. For example, if your full retirement age is 65 and 10 months and you sign up for Social Security when you are 62, you would only get 75.8 percent of your full benefit. (Source: Social Security Administration, www.ssa.gov.)
NOTE: The reduction will be greater in future years as the full retirement age increases.
5. Do you know when widows can start to collect a survivor’s benefit?
Age 60 (unless you are disabled or have children under the age of 16).