06/05/2013

Social Security

Last night, I atttended a Social Security seminar hosted by Prudential Insurance.  The presentation was very informative and provided the participants with a lot of important information.

Qualifying for social security requires that you have worked 40 quarters. The minimum age at which you can start taking Social Security retirement benefits is 62.  The majority of individuals, approximately 70%, start taking benefits shortly after reaching age 62.  However, if you start taking benefits early and before you reach your full retirement age, your benefits will be reduced.

Full retirement age is the age at which you can begin to collect full Social Security retirement benefits without any reductions.  The age is determined by the year you were born.  For example, if you were born in 1958, the full retirement age (FRA) is 66 and 8 months.  Careful consideration and advice should be sought before determining at what age you will start collecting social security.