The baby boomer generation is reaching retirement age, and as a result a lot of people are starting to think about Social Security. Let’s take a look at three things everyone should know about this program for seniors.
Age of Eligibility
The question of eligibility age is more complicated than it may seem to be on the surface. The the age of full eligibility varies depending on the year during which you were born. Suffice to say that it is somewhere between 66 and 67 years of age if you are not yet receiving Social Security benefits.
You can apply for an early benefit when you are as young as 62. However, you would have to be willing to accept a reduced benefit.
It is also possible to delay your application until you are as old as 70. When you do this you earn delayed retirement credits. As a result your benefit will be higher when you actually start to draw your monthly payout.
Benefit Calculation
The amount of your benefit will be determined based on the 35 years during which you earned the most amount of money.
Benefit Projection
Up until recently the Social Security Administration sent out annual statements. To save money they discontinued this practice, but you can obtain your Social Security statement online.
This statement will provide you with projections regarding how much you can expect to receive when you become eligible for your benefit.
To access the statement you simply need to create an account on the Social Security Administration website.
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