When the normal retirement age according to the government is 67, but the average retirement age of the nation is 62, people start getting confused as to when should they be retiring. Although sometimes life does not proceed as planned and you may decide to retire early because of some circumstances or maybe you forced to retire early due to company shifting its base or because of getting laid off.

You may choose to retire at any age, obviously it should be your conscious decision, but there are certain age limits as to when can you start getting your Social Security Benefits.

You may choose to retire at any age, obviously it should be your conscious decision, but there are certain age limits as to when can you start getting your Social Security Benefits.

The Social Security benefits that you receive are based in two factors:
1. The history of your earnings
2. The age at which you start receiving your benefits when compared to your normal retirement age.

You can start getting Social Security benefits as early as 62, or as late as 70. If you choose to retire early, you can start getting your benefits at the age of 62, but at this age your benefits will be reduced as compared to what you could have got at your normal retirement age. You will get 30% reduced benefits and each year the percentage of your reduced benefits will lower, till you get to your normal age. For example, you will get 30% reduced benefits at 62, 25% at 63, and so on. But if you choose not to retire early and wish to start receiving your benefits at 70, you will get higher benefits with the credits which will be added to your payments. But if you do this, it is highly advisable that you apply for Medicare before 65. Basically the amount you are entitled to will be same by Social Security, but if you to retire early at 62, your benefits would have to be continued for a longer period of time, hence with reduced payments and if you start receiving your benefits at 70, the time duration will be less, resulting in higher amounts.
So, make a decision totally based on your conditions, no one knows your needs better than you, plan properly and make your retirement years happy and peaceful for yourself.

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