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dylatess
dylatess, ATTORNEY
Category: Social Security
Satisfied Customers: 3427
Experience:  37 plus years of SSD practice
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I paid in as much I could by the age of 50 couldn't pay any

Customer Question

I paid in as much I could by the age of 50 couldn't pay any more So at age 62 I got my payment 1678,00 they said I was going get a lower rate at1678.00
JA: The retirement accountant will know how to help. Is there anything else important you think the retirement accountant should know?
Customer: i was done sorry of i should got the 2100 they said because i didn't work for 8 plus years when i turn65 27th of this month can i get the full amountat age 65??
Submitted: 25 days ago.
Category: Social Security
Customer: replied 25 days ago.
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Expert:  emc011075 replied 25 days ago.

Hi. My name is ***** ***** I will be happy to help you.

When you applied for your benefits at 62 (early benefits), you permanently reduced your monthly benefits. You are not receiving reduced benefits because you did not contribute enough or because you did not work for last 8 years. You are receiving reduced benefits because you applied for you benefits before your full retirement age. If you waited until 66, your full retirement age, you would be eligible for your full benefits. You will not be able to get full amount once you reach your full retirement since you have been receiving benefits for the last 3 years.

Expert:  emc011075 replied 25 days ago.

Make sense? The reduction is based on average life expectancy. If you apply early, you will receive more lower payments, if you apply latter, you will receive fewer higher payments. Assuming, you live until about 84, you will break even.