WAEstate

Estate Planning | Making a Difference One Family at a Time

An Estate Planning Law Firm
Making a Difference One Family at a Time

Call Now: (860) 548-1000

Attend a Free Seminar
  • Home
  • Our Firm
    • About Our Firm
    • Meet Our Team
  • Services
    • Asset Protection & Business Planning
    • Estate And Gift Tax Figures
    • Estate Planning
    • LGBTQ Estate Planning
    • Loss of a Loved One
    • Pet Planning
    • Powers of Attorney
    • Special Needs Planning
    • Trust Administration and Probate
    • Veterans Benefits
  • Elder Law
    • Alzheimer’s Disease
    • Caregiver Information
    • Emergency Medicaid & Nursing Home Planning
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
  • Resources
    • DocuBank
    • Elder Law Resources
      • Elder Law Reports
      • Glastonbury Elder Law Resources
    • Estate Planning Articles
    • Estate Planning Checkup
    • Estate Planning Definitions
    • Estate Planning Presentations
    • Estate Planning Seminars
    • Estate Planning Techniques
    • FREE Estate Planning Worksheet
    • Frequently Asked Questions
      • Elder Law & Medicaid
      • Estate Planning FAQs
      • Frequently Asked Questions for Families Without an Estate Plan
      • Legacy Wealth Planning FAQs
      • LGBTQ Estate Planning FAQs
      • Medicaid Planning FAQs
      • Probate FAQs
      • Trust Administration & Probate FAQs
    • Newsletters
    • Probate Resources
      • Probate Resources
    • Published Books
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Elder Law
      • Estate Planning for Niches
      • Trust Administration
  • Seminars
  • Communities We Serve
    • Fairfield County
      • Darien
      • Stamford
    • Hartford County
      • Avon
      • Hartford
      • Simsbury
      • West Hartford
    • Litchfield County
      • Watertown
    • Middlesex County
      • Middletown
      • Old Saybrook
    • New Haven County
      • Middlebury
      • New Haven
    • New London County
      • Groton
      • Old Lyme
      • Stonington
    • Tolland County
      • Mansfield
    • Windham County
      • Woodstock
  • REVIEW US
  • Blog
  • Contact Us

How Early Can I Start to Collect a Social Security Benefit?

December 22, 2015 by Jeffrey A. Nirenstein

How Early Can I Start to Collect a Social Security Benefit?People often want gratification as soon as they can possibly get it, but in many cases, waiting can provide better results. This enters the picture when it comes to the submission of your Social Security application.

There are those who can’t wait to start receiving a benefit, and they want to know how soon they can get it. To provide a straightforward answer, if you have earned at least 40 retirement credits while you have been working, you can submit your application for your Social Security benefit when you are as young as 62 years of age.

This can be an exciting prospect, especially if you are still going to be working when you are 62. You can receive your Social Security benefit as gravy on top of your salary, right? That would put you in a great position as you look ahead toward your retirement years.

This may make sense at first, but there are rules in place that limit the possibilities. If you decide to take an early Social Security benefit when you are 62, there is a limit to the amount that you can earn before you would be penalized. The exact figure is subject to change to account for inflation, but at the time of this writing in 2015, you can earn $15,720 without being penalized.

If you earn more than this amount of money during a year when you are drawing an early Social Security benefit, the amount of your benefit would be reduced by one dollar for every two dollars that you earn that is in excess of $15,720.

As you can see, the early retirement option comes with this drawback, but there is another pitfall that may be even greater. You do not receive your full retirement benefit if you submit your application when you are 62 years of age. As an early benefit recipient, you would receive a reduced benefit for the entire time that you are drawing a Social Security direct deposit.

The exact amount of the reduction would depend upon the year of your birth. However, under current guidelines, it would be somewhere between 25 percent and 30 percent.

When you digest all of these facts, you may come to the conclusion that the sooner the better approach may not be the best way to go. If you wait until you are eligible for your full benefit when you are between 66 and 67 years of age, you don’t experience any reductions. Plus, you can earn unlimited income without being penalized.

Schedule a Retirement Planning Consultation

There are a lot of things to take into consideration if you want to be completely comfortable and secure during your retirement years. Advance planning is the key to a fruitful retirement. If you are ready to get started, our firm can help. We offer no obligation consultations, and you can send us a message through this page to set up an appointment: Hartford CT Retirement Planning Attorneys.

Filed Under: Retirement Planning

Other Articles You May Find Useful

Hartford Medicaid Lawyers
How Much Do Seniors Need to Save for Healthcare Costs During Retirement?
Social Security: When, How Much & Why
Nirenstein, Horowitz & Associates P.C.
Do I Have to Withdraw Money From My IRA?
Nirenstein, Horowitz & Associates P.C.
Can I Work When I’m On Social Security?
Nirenstein, Horowitz & Associates P.C.
When Will I Become Eligible for Social Security?
Nirenstein, Horowitz & Associates P.C.
How Do Individual Retirement Accounts Work?

Download our free estate planning worksheet

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.
  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • Instagram
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

Testimonials

All of the staff were extremely professional & attentive and helped us navigate through the estate planning process with ease. As a result, we have piece of mind, as well as a clear step by step process to follow in the future. The take-home binder is an added bonus, and I know we will use it as a resource.
MS
Efficient, clear and helpful communication; clearly knowledgeable and an expert in estate planning and assisting clients; hospitable office staff; easy location to access; would definitely recommend to others interested in exploring and establishing trusts.
S.J.B.
Process was clear and concise. An important factor was to attend the seminar. The Review was thorough with detailed information, punctuated by reassurances that the firm can always be contacted. We would recommend this firm.
MM
Very satisfied from the day of the seminar to when the trust took effect. All our questions were answered and any further questions we might have are only a phone call away. We will recommend this to all our family and friends.
B. T.
We are very pleased with the service we have received. The staff has been very helpful, professional & cordial. It has given us peace of mind to work on the estate planning. All of the information received has been very helpful.
ERM
This is a very difficult problem to face.- These people were a great help to us. They explained these matters clearly, professionally and kindly- My family will have an easier time dealing with this stuff. Now I can die in peace. The less of my estate the government gets, the better.
-B.C. & M.C.

Blog Subscription

  • This field is for validation purposes and should be left unchanged.

Upcoming Seminars

  • ESTATE PLANNING SEMINAR
    • Figaro Restaurant
    • Enfield
    • Tuesday, December 10, 2019
  • ESTATE PLANNING SEMINAR
    • Aqua Turf Country Club
    • SOUTHINGTON
    • Wednesday, December 11, 2019

See all seminars

Sign up for Newsletter

  • This field is for validation purposes and should be left unchanged.

WESTPORT OFFICE

191 Post Road West
Westport, CT 06880
Phone: (860) 548-1000
Fax: (860) 761-1070
preserveyourestate_sidbr_map

Somerset Square

200 Glastonbury Boulevard, Suite 202
Glastonbury, CT 06033-4418
Phone: (860) 548-1000
Fax: (860) 761-1070
preserveyourestate_sidbr1_map

Office Hours

Monday8:00 AM - 5:00 PM
Tuesday8:00 AM - 5:00 PM
Wednesday8:00 AM - 5:00 PM
Thursday8:00 AM - 5:00 PM
Friday8:00 AM - 5:00 PM
footer-logo
  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
  • YouTube

The information on this website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. The information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

Privacy Policy | Contact Us | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys

© 2019 American Academy of Estate Planning Attorneys, Inc.