The Woo Group RBC Wealth Management Hong Kong USA Retirement Plan Update

Social Security

Social Security — It’s complicated

How much do you really know about Social Security? Eventually, most people will have to make some decisions regarding their Social Security benefits. Understanding some of the issues that may arise can help you in your retirement planning. Here are some commonly asked questions.

When can I receive benefits?

Your “full retirement age” is the age at which you will be eligible to start receiving full (unreduced) Social Security benefits. It’s based on the year you were born.

If you were born in: Full retirement age is:

1943 – 1954 66

1955 – 1959 between 66 and 67

1960 and later 67

You can start collecting benefits as early as age 62. However, your benefits will be reduced a fraction of a percent for each month before your full retirement age.

Can I delay collecting Social Security benefits?

You can postpone signing up for Social Security until after your full retirement age. If you delay taking benefits, your benefit will increase by a certain percentage, depending on your date of birth, until you reach age 70. If you were born in 1943 or later, your benefits will increase by 8% each year you delay taking benefits until you reach age 70.