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Social Security: what should people over 66 take into account in 2022?

Social Security: what is the rule for people over 66 to take into account in 2022?

A person can start receiving Social Security benefits at: sixty-two years old. However, if an employee waits until sixty-five or sixty-seven, depending on the year they were born, they can receive a higher benefit amount.

In 1983, Congress passed a bill that slowly raised the retirement age for employees after 1960. eighty percent of their Social Security benefits. Now, those born after 1960 will only claim seventy percent of their total benefit amount if they choose to retire early.

By that law passed by Congress, there is a change for retirees turning 66 this year, which means they have to work longer than before. If not, they will receive a lower pension than is possible.

Important things to consider when you retire

Actual retirement age to avoid early retirement penalties, based on year of birth:

  • 1943-1954 – 66
  • 1955 – 66 and two months
  • 1956 – 66 and four months
  • 1957 – 66 and six months
  • 1958 – 66 and eight months
  • 1959 – 66 and 10 months
  • 1960 or later – 67

Compared to last year, you have to work two extra months after your birthday to receive your full state pension if you turn 66 this year.

you will have to retired at 66 years and four months.

In addition, a retiree must have worked at least thirty five years to receive as much state pension as possible. If a person chooses to retire before thirty-five years of employment, the Social Security Administration will “use a zero.” for every year without income when we calculate the number of pension benefits that you owe. years with no income reduces your pension benefit.”