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How Do I Apply For Social Security At 62

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Cnd Voi Fi Eligibil Pentru A Primi Beneficii De Securitate Social

ð´Can I Apply For Social Security Retirement Benefits In Advance of Age 62

Trebuie s avei 62 de ani pentru a începe s primii beneficii de pensie. Când împlinii vârsta de 61 de ani i 9 luni, putei aplica.

Dac începei s colectai înainte de a împlini vârsta de pensionare complet, sau FRA, asigurrile sociale v reduc suma.

Abia atunci vei fi eligibil pentru 100% din beneficiul tu lunar de baz, care se bazeaz pe cei 35 de ani cu cele mai mari venituri.

Dac ateptai pân la 70 de ani pentru a aplica, vei câtiga mai multe credite de pensie întârziate, ceea ce v va crete i mai mult plata.

Alte tipuri de beneficii de securitate social pot avea o vârst de începere diferit:

  • Prestaiile pentru so pot începe înc de la vârsta de 62 de ani, atâta timp cât soul al crui dosar de munc îl revendicai primete deja prestaii de pensie.
  • Putei solicita prestaii de urma pe evidena unui so sau a fostului so decedat atunci când avei 60 de ani 50 de ani dac suntei cu dizabiliti sau orice vârst dac avei grij de copilul sub 16 ani sau cu handicap al defunctului.

What About Taxes On Social Security

Keep in mind that Social Security benefits may be taxable, depending on your combined income. Your combined income is equal to your adjusted gross income , plus non-taxable interest payments , plus half of your Social Security benefit.

As your combined income increases above a certain threshold , more of your benefit is subject to income tax, up to a maximum of 85%. For help, talk with a CPA or tax professional.

In any case, if youre still working, you may want to postpone Social Security either until you reach your full retirement age or until your earned income is less than the annual limit. In no situation should you postpone benefits past age 70.

Reasons To Take Social Security At Age 62

For most people, the reasons to take Social Security at a later age far outweigh the reasons to take it at 62. There are exceptions, though:

  • Your earned income will be below the annual earnings limit, so your benefits won’t be withheld.
  • You have health issues and/or a shorter-than-average life expectancy, and, if married, your spouse has a larger benefit than your own.
  • You have no other accounts to withdraw from and no way to earn income, so you must take Social Security at 62.

Many people underestimate the true value of their Social Security benefits. By looking at how much you receive over your life expectancy, you’ll be able to make an informed decision about whether to take your benefits at age 62.

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The Social Security Administration Has A Funky Rule About How Old You Really Are

This rule doesnt mean that everyone has to wait until the month after their 62nd birthday to be eligible for benefits. The Social Security rules follow the English common law that says a person attains an age on the day before their birthday.

For example, if your birthday is June 18, then your effective birthday is June 17. If youre born on the first day of the month, the Social Security Administration deems you to have changed ages on the last day of the prior month. If youre born on the second day of the month, your effective birthday is the first day of the month.

The birthdays that occur on the first and second day of the month are notable because you can be born on these days and still qualify for benefits in the month you attain age 62. For everyone born after the first or second of each month, theyll have to wait until the calendar month is up before they are eligible for benefits.

Thankfully, this throughout the month rule doesnt work the same when you attain full retirement age. Youre eligible for an unreduced benefit beginning in the month you turn full retirement age regardless of the day of the month.

Application With Financial Help

Im 62 and cannot do my job any longer. Should I Apply for ...
  • Use this application to apply for anyone in your family.
  • Apply even if you or your child already has health coverage. You could be eligible for lower-cost or free coverage.
  • Families that include immigrants can apply. You can apply for your child even if you are not eligible for coverage. Additional information about immigration and public benefits: Does Public Charge Apply to You? , , , .

This application scans your income and other information to determine what coverage you qualify for and if you can get any help paying for it through tax credits, cost-sharing reductions, MinnesotaCare or Medical Assistance . After you submit this application, youll see a screen with the results, also known as the eligibility determination.

Other options for accessing Medical Assistance: Even if the results of the eligibility determination show that you do not qualify for MA or MinnesotaCare, you or someone in your household may still qualify for low-cost or no-cost health insurance. A child may qualify for MA under the Tax Equity Fiscal Responsibility Act option if the child has a disability and household income is too high for the child to otherwise receive MA or MinnesotaCare. More information about qualifying for MA under the TEFRA option.

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What If I Delay Taking My Benefits

If you retire sometime between your full retirement age and age 70, you typically earn a “delayed retirement” credit . For example, say you were born in 1951 and your full retirement age is 66. If you started your benefits at age 68, you would receive a credit of 8% per year multiplied by two . This makes your benefit 16% higher than the amount you would have received at age 66. .

That higher baseline lasts for the rest of your retirement, and serves as the basis for future increases linked to inflation. While its important to consider your personal circumstancesits not always possible to wait, particularly if you are in poor health or cant afford to delaythe benefits of waiting can be significant.

If you decide to wait past age 65, you may still need to sign up for Medicare. In some circumstancesyour Medicare coverage may be delayed and cost more if you do not sign up at age 65.

To review your situation, your annual Social Security statement will list your projected benefits at age 62, full retirement age, and age 70, assuming you continue to work and earn about the same amount until age 62, full retirement age, or age 70 before retiring. If you need a copy of your annual statement, you can request one from the Social Security Administration .

Adunai Datele Pe Care Va Trebui S Le Aplicai

Pregtii-v s furnizai numrul dvs. de securitate social, precum i informaii despre:

  • Datele cstoriilor dvs. actuale i anterioare, precum i locaia nunilor dvs.
  • Date i ramuri ale serviciului militar în Statele Unite.
  • Numele i datele angajatorilor din ultimii doi ani sunt enumerate mai jos.
  • Venituri din activiti independente i tipul de afaceri.
  • Pentru a configura depunerea direct, vei avea nevoie de urmtoarele informaii de la banca dvs.
  • Informaii despre membrii familiei care ar putea fi eligibili pentru a primi beneficii în dosarul dumneavoastr.

Ei vor solicita anumite documente pentru ca noi s evalum i s procesm cererea dumneavoastr.

Documente necesare

Aceste documente pot include urmtoarele:

  • Certificatul de natere în original sau alt form de identificare care s ateste vârsta dvs. Trebuie folosit documentul original sau o copie certificat de la agenia emitent.
  • Dac nu v-ai nscut în Statele Unite i nu ai furnizat anterior dovada unei cereri de Medicare sau de securitate social, trebuie s furnizai dovada ceteniei. Ei trebuie s vad documentele originale sau copiile certificate de la agenia emitent. Nu accept documente care sunt expirate, autentificate sau fotocopiate.
  • O copie a formularelor fiscale W-2 de anul trecut i/sau a declaraiei fiscale pentru activiti independente. O fotocopie va fi suficient.
  • Dac ai servit înainte de 1968, o copie a actelor de serviciu militar american. O fotocopie va fi suficient.

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How Does The Spousal Benefit Work

The Bipartisan Budget Act of 2015 tightened some of the rules on spousal benefits, eliminating several strategies that couples once used to maximize how much they received. However, spouses can still claim benefits regardless of whether they ever held paid jobs, based on their partners record. To qualify, the spouse with a work record must already be receiving retirement or disability benefits, and the non-working spouse must be at least age 62.

As with other Social Security benefits, spousal benefits are permanently reduced if the nonworking spouse starts to collect before reaching full retirement age. If the non-working spouse waits until full retirement age, then they will receive a spousal benefit of up to 50% of their partners full retirement benefit.

Spouses who are widowed become eligible for 100% of their partners full benefit unless they also had a job and the benefit that theyve earned through their income is higher. Generally, the widowed spouse must be at least 60 years of age to receive benefits from the deceased spouses record, and the amount will be reduced if the surviving spouse elects to receive benefits before their full retirement age.

In addition, should the surviving spouse remarry before age 60, they will forfeit the deceased spouses benefit. In some cases, divorced spouses are also eligible for spousal benefits based on their former partners record.

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Minnesota Disability Determination Services

How Do I Apply For My Social Security Retirement Benefits Online – Documents Needed To Apply For SSI

Minnesotas Disability Determination Services makes the initial decisions about whether you are disabled. DDS will gather your medical records and may schedule a consultative examination by a doctor hired by the SSA. Here is Minnesotas DDS contact information:

DDSSaint Paul, MN 55101651-259-7770

DDSs parent agency is the Department of Employment and Economic Development. To learn more, visit the DDSs web page.

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Theres A Social Security Spousal Benefit

Marriage brings couples an advantage when it comes to Social Security. Namely, one spouse can take what’s called a spousal benefit, worth up to 50% of the other spouse’s Social Security benefit. Put simply, if your monthly Social Security benefit is worth $2,000 but your spouse’s own benefit is only worth $500, your spouse can collect a spousal benefit worth $1,000 — bringing in $500 more in income per month. Just as the benefit based on your own work history is reduced if you claim it early, the same is true for a spousal benefit. That 50% figure is the maximum amount that only a spouse who is at least full retirement age is eligible for. Taking the spousal benefit early at, say, age 62, reduces the amount to as little as 32.5% of the higher earners benefit. If you take your own benefit early and then later switch to a spousal benefit, your spousal benefit will still be reduced.

Calculate The Best Time To Start Social Security

If you are confused about when to start, you can use the Social Security Explorer part of the NewRetirement Retirement Planner to compare your monthly income and maximum lifetime payout at different ages.

Or, you might consider the following rules of thumb:

  • Take Early: The only people who should consider taking their Social Security early are those who absolutely need the money immediately, or those who do not expect to live for very long, due to illness
  • Take at Full Retirement Age: Should you have reason to believe that you will not live past the age of 80, then generally speaking you will maximize your social security benefits if you take them when you reach your Full Retirement Age.
  • Wait as Long as Possible: On the other hand, if you are confident that you will live past the age of 80 or 85, then most experts recommend that you defer your social security for as long as you can , so as to maximize the benefits you receive from it.
  • Other: If you have dependent children, the additional benefits you receive for them might make filing when you are younger worthwhile.

It can also be a very good idea to have an overall retirement plan before you decide when to start your Social Security benefits. The NewRetirement Retirement Planner can help you assess all of your sources of retirement income and whether or not you will have enough to cover your expenses. This tool was recently named a best retirement calculator by the American Association of Individual Investors .

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Who Can Get Benefits From Your Income Record

Your spouse may be eligible for retirement or disability benefits if he or she is:

  • if you are 62 years old or older or if you are 62 years old or
  • divorced from you and was married to you for at least 10 years prior to your divorce, and is at least 62 years old or

If your surviving spouse meets the following criteria, he or she may be eligible for benefits:

  • a person who is 60 years old or older or a person who is 60 years
  • disabled and over the age of 50
  • divorced from you, 60 years old or older , and married to you for at least 10 years prior to your divorce or
  • under the age of 60 and caring for a child who is eligible for child benefits or under the age of 60 and caring for a child who is eligible for child benefits
  • divorced from you, under the age of 60, and caring for his or her child who is eligible for benefits based on your record.

When Will I Be Eligible To Receive Social Security Benefits

How Divorce Can Affect Your Social Security

You must be 62 years old to begin receiving retirement benefits. When you reach the age of 61 and 9 months, you can apply.

If you begin collecting before reaching full retirement age, or FRA, Social Security cuts your amount.

Only then will you be eligible for 100% of your basic monthly benefit, which is based on your 35 highest-earning years.

If you wait until youre 70 to apply, youll earn more delayed retirement credits, which will increase your payment even more.

Other types of Social Security benefits may have a different start age:

  • Spousal benefits can start as early as age 62, as long as the spouse whose work record youre claiming is already receiving retirement benefits.
  • You can apply for survivor benefits on the record of a deceased spouse or ex-spouse when you are 60 years old 50 years old if you are disabled or any age if you are caring for the deceaseds under-16 or disabled child.

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Ct De Devreme Pot Aplica

Pentru a fi eligibil pentru beneficii, trebuie s avei cel puin 62 de ani pentru întreaga lun.

Vei îndeplini acest criteriu în luna în care v-ai împlinit 62 de ani dac v-ai nscut în prima sau a doua zi a lunii.

Dac v-ai nscut într-o alt zi a lunii, va trebui s ateptai pân în luna urmtoare pentru a finaliza aceast condiie.

Avei la dispoziie pân la patru luni pentru a aplica înainte de începerea beneficiilor de pensionare. Dac împlinii 62 de ani pe 2 decembrie, de exemplu, putei începe s primii beneficii în decembrie.

Putei aplica în august dac dorii ca beneficiile dvs. s înceap în decembrie. Dac împlinii 62 de ani dup 2 decembrie, ei nu vor considera c avei 62 de ani pentru întreaga lun decembrie.

Când împlinii 62 de ani în ianuarie, putei începe s primii beneficii pentru întreaga lun. Putei aplica în septembrie dac dorii ca beneficiile dvs. s înceap în ianuarie.

Ei pltesc prestaii de la Securitatea Social în luna urmtoare celei în care sunt datorate.

Dac suntei eligibil pentru beneficiile din decembrie, vei primi prima plat în ianuarie.

What If I Take Benefits Early

If you choose to receive your Social Security check up to 36 months before your full retirement age, be aware that your benefit is permanently reduced by five-ninths of 1% for each month.

If you start more than 36 months before your full retirement age, the benefit is further reduced by five-twelfths of 1% per month, for the rest of retirement.

For example, lets assume that you stop working at age 62. If your full retirement age is 66 and you elect to start benefits at age 62, the reduced benefit calculation is based on 48 months. This means that the reduction for the first 36 months is 20% and 5% for the remaining 12 months. Overall, your benefits would be permanently reduced by 25%.

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To Enable Early Retirement

Based on what we know about the average Social Security recipient, the chances are good that you won’t be able to retire unless you have Social Security checks to help supplement your savings and other income sources.

For many workers, early retirement is a lifetime dream. If claiming Social Security at 62 can make that happen, it may be worth paying the price of lower benefits so you can start enjoying your post-work life as early as you can. Just be prepared to live with that decision.

An Example Of Taxed Benefits

Claiming Social Security at 62 Could Really Hurt You If These 3 Things Apply to You

Lets say you receive the maximum Social Security benefit for a worker retiring at FRA in 2021: $3,148 per month. Your spouse receives half as much, or $1,574 a month. Together, you receive $4,722 a month, or $56,664 per year. Half of that, or $28,332, counts toward your combined income for determining whether you have to pay tax on part of your Social Security benefits. Lets further assume that you dont have any nontaxable interest, wages, or other income except for your traditional individual retirement accounts required minimum distribution of $10,000 for the year.

Your combined income would be $38,332half of your Social Security income, plus your IRA distributionwhich would make up to 50% of your Social Security benefits taxable, because youve exceeded the $32,000 threshold. Now, you may be thinking, 50% of $56,664 is $28,332, and Im in the 12% tax bracket, so the tax on my Social Security benefits will be $3,399.84.

Fortunately, the calculation takes other factors into account, and your tax would really be a mere $225. You can read all about the taxation of Social Security benefits in Internal Revenue Service Publication 915.

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