You can also get basic benefit estimates by calling the Social Security Administration at 800-772-1213.

What qualifies for early Social Security?

Early retirement You can get Social Security retirement benefits as early as age 62. However, we’ll reduce your benefit if you retire before your full retirement age. For example, if you turn age 62 in 2021, your benefit would be about 29.2 percent lower than it would be at your full retirement age of 66 and 10 months.

What is the penalty for taking Social Security early?

In the case of early retirement, a benefit is reduced 5/9 of one percent for each month before normal retirement age, up to 36 months. If the number of months exceeds 36, then the benefit is further reduced 5/12 of one percent per month.

When do you get your first social security check?

You can start to collect Social Security retirement benefits as early as age 62, but your monthly check will be lower than if you wait until your full retirement age. You get the largest benefit …

How are Social Security benefits calculated if you retire early?

Social Security benefits are calculated based on your highest 35 years of work history, indexed for inflation. You can always take early retirement and still wait until later to begin your Social Security benefits. Don’t forget that pension benefits and part-time work can lower the impact the amount of money you’re bringing in.

How old do you have to be to collect Social Security early?

If you take early Social Security, you start collecting retirement benefits before you reach full retirement age. That’s age 66 or 67, depending on the year you were born. You can start to collect Social Security retirement benefits as early as age 62, but your monthly check will be lower than if you wait until your full retirement age.

Why is it important to claim social security early?

Retirement can last 20 or 30 years (or more) if you’re a healthy senior, but unfortunately, many people develop illnesses as they age. That’s why planning for healthcare costs in retirement is so important. If you’re in poor health, you may need the extra money that Social Security benefits provide—and opt to claim benefits early.