GREENSBORO, N.C. — The earliest you can start collecting social security is 62 years of age and really, 70 years of age is the latest you can begin collecting benefits.
So, just because you can, when should you start collecting?
“There's no benefit or incentive to waiting for past age 70, however, if you wait until your full retirement age, you're entitled to 100% of your benefit,” said Scott Braddock of Scott Braddock Financial.
If you want the most money each month, you need to wait until your full retirement age. What is that? It changes depending on when you were born.
For example, according to the Social Security Administration, the full retirement age for someone born in 1960 is 67 years old.
HOW DO THE PAYOUTS DIFFER DEPENDING ON THE AGE YOU START GETTING BENEFITS?
Let's say your full retirement age hit this year, your maximum benefit would be $3,627.
If you retire this year and you're only 62, your maximum monthly payment would be $2,572.
Now, if you are past your full retirement year and you're 70 this year, you get bonus money for each year past your full retirement age and that totals a maximum benefit of $4,555 a month.
SHOULDN’T I START SOCIAL SECURITY? I’M AFRAID IT WILL DISAPPEAR.
“There's this scary idea that social security is going to go away but what they're saving is, if there is no reform and no change, whatsoever, they can handle 80% of the Social Security to 2091,” said Braddock.
Social Security has an estimator where you can put in your information and find out what your payments would look like.
Apply for your monthly retirement benefit any time between ages 62 and 70. We calculate your payment by looking at how much you've earned throughout your life. The amount will be higher the longer you wait to apply, up until age 70. The timing is up to you and should be based on your own personal needs.