How much will my payouts be if I collect at 62?
- How does Social Security work?
- Does Social Security cover retirees only?
- How does my work now equal benefits later?
- Am I eligible for Social Security benefits?
- How do I know I'm getting credit for the years I worked?
- What about my eligibility for Medicare benefits?
- When can I start getting payouts?
- Why should I wait past age 62 to start collecting?
- How much will my payouts be if I collect at 62?
- How much will my payments be if I wait until age 70?
- Can I start collecting benefits if I'm still working?
- What's the best age to start getting payouts?
- How big will my payouts be?
- What if I want to work part-time in retirement?
- Will my spouse and kids receive benefits when I die?
- How do Social Security disability payments work?
- Will I get taxed on my Social Security payouts?
- Will Social Security still exist when I retire?
- How does Social Security fit into my retirement plan?
It depends on when you were born. For example, if you were born between 1943 and 1954, your payouts will be reduced 25% if you start receiving benefits at age 62. That reduction is permanent - that is, the 25% reduction applies not only to the money you collect between age 62 and 67, but all the money you'll collect for the rest of your life.
To figure out the reductions based on your age, check out the online table published by the Social Security Administration.
