Social Security – When to Receive Benefits

Social Security Benefits

Social SecurityWhen should I start collecting benefits? You can start collecting your benefits as early as 62 or you could defer collecting benefits until you are 70. Under current regulations, you are eligible for 100% of your benefits when you turn 67. The ssa.gov website has a wealth of information about retirement, benefits, and more details about Social Security.

For the most up-to-date benefit information from your own records, sign-up on ssa.gov. Your benefits are based on your wages for the past 35 years. Review your wage information to make sure it’s accurate and report any discrepancies to the Social Security Administration. It may have a big impact on your benefits.
As a quick guide as to when to start receiving benefits, the table below takes a hypothetical $1000 payment taken at various ages assuming a 2% Cost of Living Increase. Decisions about taking the benefits early or deferring are dependent on:

  • Expected lifespan
  • Need for cash
Beginning Benefits Age
Age626364656667686970
62$700
63$714$765
64$728$780$832
65$743$796$849$920
66$758$812$866$938$1,010
67$773$828$883$957$1,030$1,104
68$788$845$901$976$1,051$1,126$1,216
69$804$862$919$996$1,072$1,149$1,241$1,332
70$820$879$937$1,015$1,094$1,172$1,265$1,359$1,453
71$837$896$956$1,036$1,115$1,195$1,291$1,386$1,482
72$853$914$975$1,056$1,138$1,219$1,317$1,414$1,512
73$870$933$995$1,078$1,160$1,243$1,343$1,442$1,542
74$888$951$1,015$1,099$1,184$1,268$1,370$1,471$1,573
75$906$970$1,035$1,121$1,207$1,294$1,397$1,501$1,604
76$924$990$1,056$1,144$1,232$1,319$1,425$1,531$1,636
77$942$1,009$1,077$1,166$1,256$1,346$1,454$1,561$1,669
78$961$1,030$1,098$1,190$1,281$1,373$1,483$1,592$1,702
79$980$1,050$1,120$1,214$1,307$1,400$1,512$1,624$1,736
80$1,000$1,071$1,143$1,238$1,333$1,428$1,543$1,657$1,771
81$1,020$1,093$1,165$1,263$1,360$1,457$1,573$1,690$1,806
82$1,040$1,114$1,189$1,288$1,387$1,486$1,605$1,724$1,843
83$1,061$1,137$1,213$1,314$1,415$1,516$1,637$1,758$1,879
84$1,082$1,159$1,237$1,340$1,443$1,546$1,670$1,793$1,917
85$1,104$1,183$1,262$1,367$1,472$1,577$1,703$1,829$1,955
Total$21,357$22,129$22,785$23,778$24,614$25,285$26,111$26,735$27,150

You will find a lot of contradictory advice on the internet.  Be careful, and consult a professional if necessary.  The Charting Your Retirement calculator allows you to enter your benefit and retirement age.  In addition, it produces a chart to help you determine the best year to start receiving benefits.  You should fully understand the guidelines provided on ssa.gov before acting on this or any data.