Awful Reasons to Take Social Security Benefits at 70

Senior man reading a book in a library

Senior man reading a book in a library

Social Security Subcommittee Chairman Sam Johnson (R-Texas) has already introduced a bill to drastically cut everyone's earned benefits and end Social Security as we know it.

Because of a data exchange established between Social Security and HUD, most people do not need to contact Social Security for a benefit verification letter. Full retirement age was age 65 for many years.

One last note. If you are receiving a pension from a domestic governmental entity, the Government Pension Offset could reduce the survivor benefit as well, says Blankenship.

The Benefit Statement, also known as the SSA-1099 or the SSA-1042S, is a tax form Social Security mails each year in January to people who receive Social Security benefits.

As a quick example, assume that your monthly benefit is $1,000 at full retirement age.

You can learn more about the full retirement age and find out how to look up your own at www.socialsecurity.gov/planners/retire/retirechart.html.

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On the other hand, if you wait to start receiving your benefits until after your full retirement age, then your monthly benefits will be permanently increased. If you file at age 62 you'll only get $750 per month. The full amount that he is collecting including his delayed retirement credits (DRCs) or a reduced amount because I started to collect before my full retirement age (FRA).

If you have a friend who lost a parent when they were a child, they probably got Social Security survivors benefits.

By the way, there is no Social Security Administration website for a "restricted" application. Read the publication When to Start Receiving Retirement Benefits at www.socialsecurity.gov/pubs/EN-05-10147.pdf. Plug in different retirement ages and projected earnings to get an idea of how such things might change your future benefit amounts.

If you decide to receive benefits before you reach full retirement age, you should also understand how continuing to work can affect your benefits. That's because at your full retirement age Social Security will recalculate your benefit amount to give you credit for the months in which benefits were reduced or withheld due to your excess earnings.

Your personal My Social Security account continues to benefit you once you file for benefits and beyond. Part of that commitment is ensuring you have the most up-to-date information when you make your retirement decisions.

While it is true that monthly Social Security checks grow by about 8% for every year that you wait, some people forget to factor in that they'll miss out on years of payments if they delay taking benefits.

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