Age 62
Age 62 is when you can start receiving your Social Security benefits. But bear in mind that the amount you receive will be less than what you could get when you reach your full retirement age. “If your full retirement age is 67 and you retire at 62, you are looking at a 30% per month reduction,” says Alexandra Baig, a certified financial planner at Companions On Your Journey in Brookfield, Illinois.
In addition, if you continue working after claiming your Social Security benefits, you risk having your benefit checks temporarily withheld if you exceed the annual earnings limit. “If you retire before your full retirement age and continue to work and earn more than $18,240 per year, for every $2 above this amount, Social Security will reduce your benefit by $1,” Baig warns.
