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Do I Have To Apply To Receive Retirement Benefits?

Have you ever wondered when the right time is to take your retirement benefit? The younger you are when you apply the less money you will get, and the older, the less you get.

More and more baby boomers are reaching retirement age and are asking questions like: “How do I apply for retirement benefits?” Hopefully this article will clear up a few misconceptions, or doubts you may have regarding retirement benefits.

More People Have Questions About Retirement Benefits than About Any Other Type of Benefits

There are actually three types of social security benefits, and those are retirement, survivor benefits, or disability benefits, and most people have questions about retirement benefits in this day and age.

When Can I Retire?

Of these the most frequently asked is: When can I retire and collect retirement benefits?

There are three answers to this question. You can retire at the age of 62, at the normal retirement age, or later than normal retirement age.

Retirement Benefits – It All Depends on When You Were Born

Normal retirement age is going to differ depending on the age you are. For instance if you were born in 1937, or before then that age is 65. For people born in 1938 that age is 65 and 2 months. If you were born in 1940 then it is 65 plus 6 months, and each year adds a few more months. Those baby boomers born after 1960 have a retirement age of 67.

Retire Early – You Get Less – Retire Later – You Get More

Should you decide to retire early, at 62 then your benefit will be reduced to 75% of your benefits. On the other hand should you retire later than your normal age your benefits grow by 8%, so long as you take them by the time you are 70. After that the social security administration won´t make any additional increases to benefits.

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Do I Have To Apply To Receive Retirement Benefits?

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