Social Security information which may help you or your parents in the near future should your parents not have a financial person

Nittany.Lion said:

This is true, but to be clear, you get it back after they recalculate your benefit at FRA. So you get it back spread out over your remaining years; it's not like you get it back as a lump sum.

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PSUForever said:

It is my understanding that if you take SS benefits at 62 it is a lesser amount than at 65 and if you take it at 65 it is less than if you wait until 70. And that lesser amount continues for the duration that you take SS.

For example, to throw out hypothetical numbers. If your full SS benefits are $40,000 a year and you decide to take at 62 then it will be a percentage of that. I don't know what but let's say 75% so you get $30,000 every year unhanged. Then say if you take at 65 it is 80% of your full benefits (again, I don't know, just using that as an example). The point being I don't think you ever would get the $40,000 in full benefits since you took it early. Instead you get some percentage of your full benefits.

Is this correct or do I have this wrong?

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PSUForever said:

It is my understanding that if you take SS benefits at 62 it is a lesser amount than at 65 and if you take it at 65 it is less than if you wait until 70. And that lesser amount continues for the duration that you take SS.

For example, to throw out hypothetical numbers. If your full SS benefits are $40,000 a year and you decide to take at 62 then it will be a percentage of that. I don't know what but let's say 75% so you get $30,000 every year unhanged. Then say if you take at 65 it is 80% of your full benefits (again, I don't know, just using that as an example). The point being I don't think you ever would get the $40,000 in full benefits since you took it early. Instead you get some percentage of your full benefits.

Is this correct or do I have this wrong?

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82Lions said:

For each year before and after the full retirement age there is about a 8% difference. If your full retirement age is 67 then if you retire at 65 your monthly benefit is about 16% lower than if you waited until 67 to start collecting. Each year after you start collecting you receive the inflation adjustment.

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