Electing Early Social Security Retirement Benefits
Definition
You can elect to receive Social Security retirement benefits at age 62 instead of waiting until normal retirement age.
Prerequisites
You want to optimize your Social Security retirement income, and:
- You are at least age 62
- You are fully insured for retirement benefits
- You have applied for early retirement benefits by contacting the Social Security Administration
Key Strengths
- You will receive more benefit checks, making your lifetime benefit potentially greater than if you wait to receive benefits until normal retirement age. See Tradeoffs.
- You can invest some or all of your Social Security benefit
Key Tradeoffs
- Your retirement benefit is permanently reduced
- You will have less chance to increase your average indexed monthly earnings
- You may outlive the financial value of receiving early retirement benefits
- Your surviving spouse's benefit may be permanently reduced
- Your total family benefit may be especially limited if both the early retirement reduction and the family maximum apply
Variations from State to State
- None
How Difficult Is It to Implement?
- For information on how electing early retirement benefits will affect you, you can order a Social Security Statementfrom the Social Security Administration.
- To apply for early benefits, contact the Social Security Administration two or three months before your 62nd birthday (or the date you want to begin receiving benefits, if later). Visit a local office or call (800) 772-1213.
- For investment options or retirement planning advice, contact a financial professional.