Should I Apply for Social Security at the Age of 62?

As an American taxpayer, you pay FICA or self-employment taxes. When you pay these taxes, you accumulate retirement credits. You can earn up to four credits per year, and most working people do, because the earning requirements are quite modest. Once you have at least 40 credits, you will qualify for Social Security and Medicare when you get older. If you re not yet receiving Social Security, your age of eligibility will depend upon your birth year. People who were born between 1943 and 1954 become eligible at the age of 66. For some reason, the eligibility age then goes up by two months per year, so someone born in 1955 would become eligible two months after his or her 66th birthday. Someone born the following year would become eligible at the age of 66 and four months, and so on up until 1960. People who were born in 1960 and after become eligible for a full benefit at the age of 67. You have options when it comes to the submission of your application for Social Security benefits. I


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s