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Christopher B, Esq.
Christopher B, Esq., Attorney
Category: Social Security
Satisfied Customers: 2957
Experience:  associate attorney
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When should I collect social security benefits.

Customer Question

When should I collect social security benefits.
Submitted: 1 year ago.
Category: Social Security
Expert:  Christopher B, Esq. replied 1 year ago.
My name is***** and I will be helping you with your question today. This is for informational purposes only and does not establish an attorney client relationship. It will depend on your financial need, health and family history to make that decision. At age 62, you can take early retirement with a 30% decrease in your benefits because of the early retirement penalty, this slowly decrease until your full retirement age (age 66 in 2016 but eventually it will move steadily up to age 67). During the early retirement period, you also will have an earned income penalty if you are still working, meaning that if you have significant income, you should not retire early. This penalty ends at full retirement age (FRA). It decrease your benefit by $1 for every $2 earned over $15,720. If you wait until mandatory retirement age (age 70.5), you can earn 8% per year for a total of 32% increase in your ultimate benefit if you wait until 70.5. Please let me know if you have any further questions and please positively rate my answer if satisfied. There should be smiley faces or numbers from 1-5 to choose from. This extra step will cost you nothing extra and will ensure that I will be compensated for my time by the site.
Customer: replied 1 year ago.
I am 61 and just barely squeeze by the birth month and year which would allow me to collect at 62. I am not currently working but have a trust.
Expert:  Christopher B, Esq. replied 1 year ago.
What do you mean, "just barely squeeze by the birth month and year which would allow me to collect at 62."? You can collect your benefits whenever you turn 62 (minus the early retirement penalty of 30%), no matter what. Are you trying to talk about HR 1314 and the changes made going into effect on May 1?
Expert:  Christopher B, Esq. replied 1 year ago.
Just checking back in, do you have any further questions?