Determining how old you should be when you start receiving your Social Security benefits can be a very difficult decision to make. What is even worse is the fact that this is a decision you cannot go back and change later. Basically, you are trying to decide if you are fine with a lower payment so you can start receiving them early or if you want to wait until you reach the age of retirement so you can get the full amount you are entitled to. It is a good idea for you to take the time to seek the advice of a SSI attorney in Oakland because this is not a decision that you can only make once.
The Social Security laws give an individual three different options when it comes to when they can start receiving their retirement payments. You can start receiving it early at the age of 62, you can start receiving it after you retire which varies depending on when you were born, or you can receive it late which is any time after you reach your full retirement age. Most of the time you are going to start receiving retirement benefits between the age of 62 and 67.
If you decide to start receiving your benefits before you reach the age of 67, you are going to receive a reduced amount. This amount will be determined by the number of months that are left until you would reach the age of full retirement. Basically, this means that someone who retires at 62 is going to receive fewer benefits than someone who retires at 65. You are going to end up getting 20 to 30 percent less than what you were entitled to if you had waited until you turned 67.
An SSI attorney in Oakland is going to tell you that there are benefits to waiting until after your age of full retirement as well. This is because you will receive anywhere from a 3 to 8 percent increase each year that you delay receiving your benefits. If you decide to wait until after you reach your age of full retirement you should consult with a law firm such as Ortega Disability Group to figure out how much money you are going to receive and when you should file.
