Accepted Answer

Hello lauren,

I apologize for the delay in responding, but I had already left the forum last night by the time you responded with the additional information.

Social Security benefits are paid to you monthly once you reach retirement age. They cannot be taken in a lump sum benefit. As far as receiving your monthly benefits, there are a couple of different options.

The first option is to wait until your full retirement age which then allows you to get the full benefits to which you are entitled. Note that the dollar amount of your benefits will depend on the total amount of your contributions to SS and the number of years you were covered in the system. Full retirement age varies depending on when you were born. The system used to consider age 65 to be full retirement age, but that age limit can now range anywhere from age 65 to 67, depending on when you were born. Below is a table where you can find your year of birth, and then the age at which you can receive full SS benefits:

1937 and prior - 65
1938 - 65 and 2 months
1939 - 65 and 4 months
1940 - 65 and 6 months
1941 - 65 and 8 months
1942 - 65 and 10 months
1943 --54 66
1955 - 66 and 2 months
1956 - 66 and 4 months
1957 - 66 and 6 months
1958 - 66 and 8 months
1959 - 66 and 10 months
1960 - and later 67

You also have the option of receiving benefits starting at age 62, however, the amount you receive will be a reduced amount, and not as high as if you wait until your full retirement age. The Social Security Administration (SSA) can help figure these benefits for you, but just generally speaking, if you would take benefits at age 62, the amount you receive would be approximately 75% of your full retirement benefits. You may also apply at any other age between age 62 and your full retirement age, and the benefits are increased for each year past age 62 up to your full retirement age benefit.

I am giving you a link to the SSA website where you can actually apply right on line for benefits once you are ready to receive them. There is also a link which will help you estimate the benefits you are entitled to receive.

http://www.ssa.gov/

You may also contact the SSA by phone at (XXX)-XXX-XXXX and a representative there can help you with any questions you may have, including an estimate of the benefits to which you are entitled.

If this was helpful please press the Accept button. Positive feedback is also greatly appreciated.

Thank you lauren.

Expert:	Merlo
Pos. Feedback:	99.8 %
Accepts:
Answered:	8/23/2009

Accountant

25+ years tax consulting. Specializing in returns for US citizens living abroad