Social Security Questions? Ask a Social Security Expert
Hi. Great Questions. Your social security is reduced by 20% if you take it out now. Full benefit age is 66 for people born in 1943-1954.
Will be answering your other questions shortly.
I know it is less money at 62, but you may want to consider taking the 80% and placing it in an investment account, if you can, or just have it in case of emergency.
Not sure if this will help or not - but some information for any children that will be over 18 and receiving social security (not sure what the circumstance is):
Supplemental Security Income
The benefits you received as a child under the Supplemental Security Income program may stop once you turn 18. The SSI program is a needs-based program for low-income disabled children and elderly individuals. Once you turn 18, you are not considered a child and your benefits are terminated unless you’re still in school. If that’s the case, you can get SSI benefits until age 22. Other requirements include you being unmarried and not considered head of a household.
You can receive Social Security benefits for the rest of your life if you’re unmarried and disabled before reaching age 22. This depends on meeting the Social Security Administration's adult definition of disability every time your medical condition is reviewed, which may happen every couple of years. As an adult, your benefits are considered "child benefits" due to payment amounts being based on your parents’ entitled benefit.