Receiving Social Security benefits

To start receiving Social Security retirement benefits, you must be at least 62 years old and have made FICA payments through your paycheck. The Social Security Administration website allows you to check whether you are eligible for benefits as well as to apply for benefits online.

Before applying, keep in mind that, in order to receive the full monthly benefit, you must wait until what is called normal retirement age (see table below). If you elect to receive benefits before you reach normal retirement age, your monthly benefit could be reduced by as much as 25 to 30%. The Social Security Administration continues to adjust the normal retirement age for successive generations as life spans continue to lengthen.

The Center for Retirement Research at Boston College offers a free guide on deciding when to claim Social Security benefits.

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