Quick Answer: How Much Will I Get If I Retire At Age 62?

Can you collect Social Security at 62 and still work?

If you work and are full retirement age or older, you can earn as much as you want and your benefits will not be reduced.

However, individuals may begin taking Social Security retirement benefits early beginning at age 62.

Once you reach full retirement age, your benefits will no longer be reduced..

What is the maximum Social Security benefit at age 62?

The maximum monthly Social Security benefit that an individual can receive per month in 2020 is $3,790 for someone who files at age 70. For someone at full retirement age, the maximum amount is $3,011, and for someone aged 62, the maximum amount is $2,265.

How much will I get if I retire at age 63?

A worker eligible for $1,000 monthly at age 66 would get $800 per month at age 63, a 20% pay cut. If your full retirement age is 67, you will get 25% less by signing up at age 63.

Can I retire at 62 and get state pension?

Although you can retire at any age, you can only claim your State Pension when you reach State Pension age. … If you have serious ill-health and your life expectancy is less than a year you can retire at any age. You can take up to 100 per cent of your pension fund as a tax-free lump sum.

Is retiring at 62 a good idea?

If you start taking Social Security at age 62, rather than waiting until your full retirement age (FRA), you can expect up to a 30% reduction in monthly benefits with lesser reductions as you approach FRA. … That could be at least a 24% higher monthly benefit if you delay claiming until age 70.

Can I retire at 62 if I was born in 1958?

If you were born in 1958 your full retirement age is 66 and 8 months. You can start your Social Security retirement benefits as early as age 62, but the benefit amount you receive will be less than your full retirement benefit amount.