If you’re going to retire, you might be wondering if you should begin collecting your hard-earned Social Security payments right away. Here are a few things to think about when making that selection.At the age of 62, you can begin earning retirement benefits. Once you reach the age of 61 years and nine months, you can apply,
SS Payment Main Source of Income for Many Seniors
Social Security benefits are one of the principal sources of funds for many older persons in retirement. According to the Center for Budget and Policy Priorities, Social Security accounts for roughly half of all retirement income for half of all retirees. According to some surveys, between 30 and 40 percent of senior individuals would be deemed poor if they didn’t have Social Security.
The age at which you start receiving Social Security benefits has a significant impact on how much money you’ll make in the long run because the longer you wait, the bigger your monthly payment will be.
When to Begin Receiving the Payments
According to Investopedia, the minimum age to collect benefits is 62. If you are turning 62 and rely on Social Security for support, you can begin receiving benefits right away. If you have sufficient additional money to last until you’re older, though, you might want to hold off on increasing the quantity of your monthly benefit.
Survivor benefits to family members of contributors are determined by the worker’s age when they died, with fewer credits required the younger the worker was when they died. After the worker has earned only six credits in the three years before their death, the surviving children and spouse caring for the children can get survivor benefits from the Social Security Administration. The Social Security Administration will continue paying survivors of people who were receiving retirement or disability benefits at the time of their death, en.as.com wrote.
Social Security Disability Insurance (SSDI) is offered to persons who have been declared disabled and are unable to work due to a physical or mental disability and will most likely endure a year or longer or will result in death. Recipients must meet specific work history requirements, but family members can also help them meet them, which would be impossible for many people who are born unable to do.