Jane Kenney

Most Americans believe that the earliest age you can start collecting social security is 62. We're here to tell you that is not the case! There are certain circumstances where people of younger ages can benefit from collecting social security early on, even children. As you may know, you can collect at 62, but waiting until you are 66 will allow you to have greater benefits. The 62 and 66 age markers are for those born after 1942. While this might be surprising to some, it's important to remember the true reason for the program: providing support to Americans considered "vulnerable" like the elderly, the disabled, and widows and widowers. The timing of claiming Social Security is extremely crucial, which is why if you do so before the age of 62, you'll have to make sure you're properly qualified to get the most of your benefits. Lansdowne Wealth Management So, let's break it down. Who is eligible to receive Social Security before the age of 62? People who are unable to work due to qualifying disabilities. Qualifying children whose parents are receiving benefits. Younger spouses who are taking care of said children. Surviving spouses whose partners have passed away. EfficientGov We're going to cover all of the bullet points previously mentioned to ensure you get a good idea if you qualify or not. We're going to start off with disability benefits. It's important to remember that not all Americans will qualify for Social Security Disability Insurance (SSDI). However, this is determined by two different ways; a "recent work" test and a "duration of work" test. The SSA will be taking a deep look into how long you were recently working before you became disabled. The outcome is greatly dependent on age. The Recent Work Test: The Motley Fool via SSA If you pass the "recent work" test, you'll move on to the "duration of work" test. The SSA does state that these aren't necessarily requirements in all cases, but can be used as a guideline for preparing. The Duration of Work Test: The Motley Fool via SSA However, you're not out of the woods just yet if you successfully pass these tests. You'll also need documentation about your disability and your family's income. Additionally, your disability will need to be qualified as 'severe', meaning being unable to work for at least a year or the disability eventually resulting in death. The average payout for disability benefits in July 2018 was $1,200, which annually equates to $14,400. Read more about claiming Social Security benefits early on the NEXT page... Because the payouts mentioned on the previous page are so little and not even enough to support a family (and because many disabled Americans may not even qualify) there is an additional program that pays Social Security benefits called Supplemental Security Income. Those who may qualify for the SSI may be: Those over the age of 65 Those who are legally blind Those who are disabled Avvo Stories Even if you do qualify for the SSI, it's important to remember that there are strict income-based criteria and resource-based caps on what you can receive. The cut-off limits vary by state, so it's suggested to speak with the Social Security Administration by calling 1-800-772-1213 to find out what those cut-offs are in your region. If you believe you may qualify for this program, there is an application process available here. Susan Sandys The SSA also provides benefits for children. In order to qualify, the child needs to be unmarried in addition to one of the following; under the age of 18, still in high school and either 18 or 19 or 18 or older with a disability that began before the age of 22. Any child who is eligible will receive 50% of their parent's benefit. If the parent passes away, that percentage increases to 75%, assuming that they still meet the age requirements. If you are a parent to a child who is receiving benefits via your spouse, you are also entitled to a share of those benefits. They max out at about one-half of your spouse's benefits. However, if the child is not disabled, the benefits stop by the time they are 16. Otherwise, benefits may continue so long as you are one of their primary caregivers. DECO Recovery Management When it comes to benefits for surviving spouses, there is a bit of luck here. If one spouse is receiving some type of Social Security benefit and then passes away before their partner reaches the age of 62, the surviving partner is still entitled to those benefits. The value of the benefits obviously varies due to the age at which the claim was made, but the average for this is about 71.5% of the deceased one's benefits. Head on over to the NEXT page to see what the best time is to claim Social Security... You may claim retirement benefits as early as age 62, however, according to the FRA the average age of retirement is between 66 and 67. By claiming benefits earlier, you risk the possibility of benefit checks decreasing in value. Check out the chart below to find out what your monthly benefit would be depending on when you decide to claim in addition to the year you were born. The Motley Fool via SSA No matter what you decide to do (wait until the average 66-67 years of age or claim early) it's important to know your benefits for different aspects of life so that you can prepare for your future. Be sure to SHARE this article to spread the news about this fascinating Social Security discovery.