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ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 712
Experience:  Business Consultant/Accounting Manager
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I retired a year ago at the age of 63. I would like to know

Customer Question

I retired a year ago at the age of 63. I would like to know if the amount of money they paying me is the right amout.
Submitted: 1 year ago.
Category: Social Security
Expert:  ABC Accounting Group replied 1 year ago.

Hi. I can help you.

You can start your Social Security retirement benefits as early as age 62, but the benefit amount you receive will be less than your full retirement benefit amount.

It will be reduced based on the number of months you receive benefits before you reach your full retirement age of 66:

  • Reduction of your benefits at age 62 is 25 percent; at age 63, it is about 20 percent; at age 64, it is about 13.3 percent; and at age 65, it is about 6.7 percent.
  • If you were born after 1954, you can still start your retirement benefits at 62 but the reduction in your benefit amount will be greater, up to a maximum of 30 percent.

Best Regards.

Expert:  ABC Accounting Group replied 1 year ago.

Have a great day. Let me know if you have any questions.

Expert:  ABC Accounting Group replied 1 year ago.

I hope I was able to help you. If this answered your question please take a few moments to rate my response. It will be at the top of the page - ranging from 1 to 5 stars. If you need any clarification of my response or have any further questions, I am here. Thank you. Have a wonderful afternoon.