Retirees are eligible to start receiving their social security benefits as early as 62 years old as long as they have earned enough credits. Credits are earned towards your social security benefits every year that you work. You have to have worked for 10 or more full years in order to qualify for benefits. The full age of retirement is 67 years old. If you decide to start receiving benefits earlier than 67 you run the risk of receiving reduced benefits. Naturally, this makes a lot of people wonder whether or not it is a good idea to start receiving benefits early. The best thing you can do for yourself is consult with a Bridgeview disability attorney before you make any decisions.
Every employee in the United States is required to put 6.2 percent of their salary towards the social security benefits system. If you consult with a law firm such as Nash Disability Law one of the first things they are going to sit down with you and do is figure out what your risk tolerance is. Your risk tolerance is any medical ailment you have that might prevent you from getting to the age of full retirement. While it is a morbid question you need to ask yourself how long you think you might live. If you are a healthy individual and you think you are going to live a relatively long life, you are going to benefit more by waiting until you reach the age of full retirement. You just need to look at your health and your family history.
Statistics show that more and more Americans are opting to receive their social security benefits earlier with a reduced amount. The instant gratification that you will feel when you start receiving those benefits you worked for years to receive is the biggest reason to blame. People are so eager to start receiving that money they have a hard time waiting five years to receive the most they possibly could. By consulting with a Bridgeview disability attorney you will be able to figure out whether it is in your best interest to start collecting early or if you should wait until you fully retire.
