ARE YOU REALLY OLD ENOUGH TO START RECEIVING SOCIAL SECURITY?  

I’m sure you know that the earlier you start Social Security, the amount you receive differs greatly across 62-66-70, considered the “key ages”.

• Early Benefit.  Start receiving at age 62.  If you start at age 62 your benefit is reduced by 25% (from what your earnings history makes you eligible for). On top of that, if you start between 62 and 66 – the deduction is prorated over the 48 months.  THIS IS YOUR BENEFIT FOR LIFE.  There is an earnings limit until you turn 66.  Then it stops.
• Normal Benefit.  Age age 66, you receive the “normal amount, with yearly inflation adjustments.  No earnings limits apply.  In fact, earnings will now increase your benefit slightly.
• Delayed Benefit.  For every month you delay after age 66, your benefit increase – but – NOT AFTER AGE 70.  The annual figure is about 8%.  No earnings limit apply.