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What percentage of the monthly payment of social security…

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What percentage of the monthly...
What percentage of the monthly payment of social security does a recipient lose if she starts at the age of 65 vs 66 and for how long?
Submitted: 2 years ago.Category: Social Security
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Answered in 11 minutes by:
1/27/2016
Social Security Expert: Christopher B, Esq., Attorney replied 2 years ago
Christopher B, Esq.
Category: Social Security
Satisfied Customers: 4,185
Experience: associate attorney
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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.

From the social security website: https://www.ssa.gov/planners/retire/retirechart.html

"If you start your retirement benefits at age 62, your monthly benefit amount is reduced by about 30 percent. The reduction for starting benefits at age 63 is about 25 percent; 64 is about 20 percent; 65 is about 13.3 percent; and 66 is about 6.7 percent."

So you will lose 13.3% permanently. Although you can suspend your benefit at full retirement age and gain about 8% per year from age 66-70.

Please let me know if you have any further questions and please positively rate my answer as it is the only way I will be compensated for my time by the site.

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