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dylatess, ATTORNEY
Category: Social Security
Satisfied Customers: 3441
Experience:  37 plus years of SSD practice
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Should I apply for social security next month? I'll be 62 in

Customer Question

Should I apply for social security next month? I'll be 62 in December and have newly adopted children ages 4, 7 and 8.
What will be my benefit?
What happens at age 72 when one is 18? Then the next year another is 18 then at 75 the last is 18. I will be getting such a low amount without them at 75. Should I wait till I'm 65? But then I lose their benefit fir the next three years. I need to be so careful because it's three little lives that will be affected by my decision. Can you please help me?(###) ###-####
Submitted: 1 year ago.
Category: Social Security
Expert:  ABC Accounting Group replied 1 year ago.

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.

Expert:  ABC Accounting Group replied 1 year ago.

Will be answering your other questions shortly.

Expert:  ABC Accounting Group replied 1 year ago.

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.

Expert:  ABC Accounting Group replied 1 year ago.

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.