How is my Social Security benefit reduced if I retire early?

How is my Social Security benefit reduced if I retire early?

If you retire before your full retirement age, your benefits will be reduced based on the number of months you receive them early.

What is my full retirement age?

Your full retirement age depends on your birth year. For example, if you were born in 1960 or later, your full retirement age is 67.

How much will my benefits be reduced if I retire at 62?

If you retire at 62, your benefits could be reduced by about 30% compared to what you would receive at your full retirement age.

Can I still work while receiving reduced benefits?

Yes, you can work while receiving benefits, but if you earn above a certain limit, your benefits may be further reduced.

What happens to my benefits if I wait until after my full retirement age?

If you wait until after your full retirement age, your benefits will increase by a certain percentage for each year you delay, up to age 70.