Social Security Tips – January 2022

Individuals born in 1960 turn 62 in 2022!!!

**If born on the 1st of the month, we figure your benefit (and your full retirement age) as if your birthday was in the previous month. If born on January 1st, we figure your benefit (and your full retirement age) as if your birthday was in December of the previous year.

Your clients born in 1960 may be eligible to start their Social Security retirement benefits this year. Starting benefits prior to full retirement age means a reduction in benefits. How much? The chart below is a small sample of what’s available online for all years of birth and can be found at https://www.ssa.gov/benefits/retirement/planner/agereduction.html

There are advantages and disadvantages to taking benefits early. The advantage is collecting benefits for a longer period of time. The disadvantage is the benefit will be reduced. Each person’s situation is different. It is important to remember: