You’d then receive your first Social Security check four months later—the month after your 62nd birthday. While it typically takes several weeks to process a new application, some may be approved in the same month that you apply.

What happens if I apply for Social Security too early?

You can expect to lose about 6.67% of your benefits per year for the first three years you file early, and 5% a year after that. This means that if you’re looking at a full retirement age of 67 but claim benefits at 62, you’ll reduce your monthly payments by 30%.

How much Social Security will I get if I take it early?

In the case of early retirement, a benefit is reduced 5/9 of one percent for each month before normal retirement age, up to 36 months. If the number of months exceeds 36, then the benefit is further reduced 5/12 of one percent per month.

While it generally takes approximately six weeks for an application to be processed, it is advisable for you to initiate the process three months before you want to receive your first benefit payment.

Can a person apply for Social Security early retirement?

My brother just turned 62 and has been on SSI disability for 19 years. He receives $771 a month. Social Security says he has to apply for “early retirement” benefits now and cannot wait until he reaches “full retirement” at age 66. His early retirement benefits will only be $600 a month.

Can you get Social Security retroactive to age 66?

The law, at least the law since 1991, says that Social Security retirement benefits filed before age 66 cannot be paid retroactively. Benefits are effective with the month you file for them, or some near future month, but not for any past months.

When does SSI convert to full retirement age?

A note for those who are receiving both SSI and Social Security disability insurance (SSDI): When these “dual beneficiaries” turn 62, they will continue to receive SSDI until full retirement age, at which time the SSDI will convert to Social Security retirement. (The SSDI and retirement benefit should be the same amount.)

What happens if I withdraw my social security early?

If money was withheld from your Social Security checks to pay for Medicare premiums or taxes, you will also need to pay that amount back in order to withdraw your application. If you have been receiving Social Security payments for over a year, you are no longer eligible to pay back your benefit and start over. Suspend payments.