Question: I am fully vested and completed all required quarters into the Social Security system. After 36 years of employment, I am fortunate to be retired and receiving my monthly pension.
However, what I don’t understand is why after 36 years of service I must still wait to qualify until age 62 to apply for my Social Security benefits. To make matters worse — what’s with the 25 percent less penalty for filing at 62 instead of 66?
I am 58 years old and need to know if there’s any way possible that I can get my Social Security benefits before I reach the age of 62?
Answer: Sorry, but there is no way to collect your retirement benefit earlier than at age 62. Also, be careful taking your benefit early. If you wait until 70, your retirement will be 76 percent higher after inflation. That’s one hell of a deal. Furthermore, if you are married or divorced (after being married for 10 years) you will, by taking your retirement benefit before full retirement age, forego your opportunity to collect a full spousal benefit between full retirement age and age 70. Moreover, taking benefits early will reduce dramatically the widow benefit your spouse could collect if you pass away first.
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