So, Exactly When Can I Retire?


Different people become eligible to receive Social Security payments at different times. This is why it is important to understand what benefits you are eligible for and when.
  



Here are the basic rules on when you are eligible:
  • As a worker, you must work and pay Social Security taxes for at least 10 years (40 quarters), and be at least 62 years old.
  • If you are divorced, you must have been married to your ex-spouse for at least 10 years, currently be unmarried and at least age 62.
  • As a widow, you must be at least 60 years old (unless you are disabled in which case you can claim your benefit as early as age 50). If you are divorced, you can claim the survivors benefit if you were married at least 10 years and are currently unmarried (unless you remarried after age 60).


As you can see, the age at which you claim your benefits is also important. Full retirement age is increasing gradually until it reaches age 67 for those who were born 1960 or later.  If you claim at age 62 when you are first eligible, you will receive a reduced benefit.  If you wait until after your full retirement age, you can receive an increased benefit up to age 70.




Source: Investopedia/Wiser

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