How do I begin drawing Social Security?

You can apply for retirement benefits online at www.ssa.gov, or call our toll-free number. Or you can make an appointment with a local Social Security office to apply in person.

How long does it take to get first Social Security check after applying?

Once you have applied, it could take up to three months to receive your first benefit payment. Social Security benefits are paid monthly, starting in the month after the birthday at which you attain full retirement age (which is currently 66 and will gradually rise to 67 over the next several years).

How much money can you make after you start drawing your Social Security?

Starting with the month you reach full retirement age, there is no limit on how much you can earn and still receive your benefits. Beginning in August 2021, when you reach full retirement age, you would receive your full benefit ($800 per month), no matter how much you earn.

What is the best age to start drawing Social Security?

You can start your retirement benefit at any point from age 62 up until age 70, and your benefit will be higher the longer you delay starting it. This adjustment is usually permanent: it sets the base for the benefits you’ll get for the rest of your life.

Is 62 the best age to start drawing Social Security?

Workers can begin receiving Social Security as early as age 62, and as fellow Fool Dan Caplinger recently pointed out, over one-third of recipients begin their benefits at that point. Claiming at age 62 can be smart for various reasons (more on that in a minute), but maximizing benefits isn’t one of them.

How do I start getting social security?

The quickest way to apply for Social Security benefits is to fill in the application form online. You can apply as soon as you are 61 years and 9 months old, and can start receiving benefits as soon as you are 62 years old.

What is considered income when drawing Social Security?

The definition of earned income used by the Social Security Administration is wages and any other payment you receive as part of employment, including commissions and bonuses. If you’re given a place to live or a discount on rent in exchange for work, that’s considered to be earned income.

What is the minimum age you can draw Social Security?

The minimum age to collect Social Security retirement benefits is 62, which is considered early retirement and will come with reduced benefits.