Retirement Ages for Social Security Benefits

Mark Sessanta is an expert in the field of STARK financial wealth strategies that currently serves as the CEO of Stark Financial Group. Knowledgeable in many areas of financial planning, Mark Sessanta provides comprehensive wealth building strategies that take into account the implications of income sources such as Social Security benefits.

Implemented in 1935, Social Security is a United States government program that provides benefits for retirees, disabled individuals, recipients of Medicaid and Medicare, and also death and survivorship benefits. The program pays out hundreds of billions of dollars each year and is funded through a pay as you go system in which current workers pay taxes into the system, and funds are then distributed to eligible recipients.

There is some flexibility in when Social Security retirement benefits can begin. The Social Security program considers full retirement age to be 66. At this age, individuals can receive full benefits with some exceptions, such as excess earnings from work. However, benefits can be accepted as early as age 62. In these cases, benefits are reduced by the number of months they begin before the full retirement age of 66.