#3 Claiming too early means forfeiting a percentage of your payment
Another thing that is related to the full retirement age is the fact that if you want to receive your payments earlier than 67 (which is considered the full retirement age), you will have to be okay with receiving only 99.4% of the full amount you would have gotten otherwise if you were over the age of 65.
If you claim Social Security benefits at the age of 65, you will be losing more than you probably expected as the percent goes down to 86.7%.
In fact, you can start taking Social Security benefits ahead of your retirement age, with the youngest being 62, but you will only be receiving 70% of the amount you would have gotten otherwise. And the catch is that if you do not take back your claim within a year, you will lose out on that percentage for life.
For some, it is better to get on social security early, but for others, if you do not want to lose out on 30% of the full payment, it would be better to wait until you reach the full retirement age.
If you want to learn more about Social Security and Medicare, we recommend you read more after this article through this book!
8 Responses
How do you find out how much a widows pension will be before you sign up?
Another way to lose SS benefits (which I hope does not apply to any readers here): Move to a country that the USA does not have diplomatic relations with, such as North Korea, Iran (I think), and there are a few others.
Did not know about ways we can lose Social Security. Please tell me what to look for or do.
My husband and I have been married for 59 years this October. We inherited his family’s farm 30 years ago and paying taxes with very little income from it. My husband decided to sell it two years ago. I was relieved over our finances until we found out that our Social Security which would have been increased this year took a definite decrease after IRS informed Social Security about our income from the sale of the farm. With the proposed increase in SS benefits we would have been better off to have kept the farm and left it to our children. Now we are dependent on using money from the sale of the farm to live on. I know “life” isn’t fair, but it seems things never get better. just worse.
I think if anyone is caught selling or stealing other peoples medicine or on benefits getting caught doing those things should lose benefits.
Getting convicted of a felony.
I have no idea that o could ever loss my SS
Thanks for giving me this information. As a matter of fact, I’m among those who have lost part of their Social
Security earnings as of January 1, 2024. My monthly benefits shrunk from $1,015.70 to $579.60 without courtesy of a heads-up to expect the drastic change. I’m still waiting for the “why” to this unexpected act.