This Handbook provides an overview of federal laws affecting the elderly and retirement issues. Information discussed includes age discrimination in employment, elder abuse & exploitation, power of attorney & guardianship, Social Security and other retirement and pension plans, Medicare, and much more in 22 pages of materials.
Retirement Rules For Social Security In Palm Beach
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Multi-State
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Palm Beach
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US-001HB
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FAQ
The full retirement age is 66 if you were born from 1943 to 1954. The full retirement age increases gradually if you were born from 1955 to 1960 until it reaches 67. For anyone born 1960 or later, full retirement benefits are payable at age 67.
How Your Social Security Benefit Is Reduced If you start getting benefits at age And you are the: Wage Earner, the Retirement Benefit you will receive is reduced to 66 + 11 months 99.4 67 100.0 If your birthday is on the 1st of the month, we figure your benefit as if your birthday were in the previous month.59 more rows
The earnings limit for people reaching their “full” retirement age in 2025 will increase to $62,160. (We deduct $1 from benefits for each $3 earned over $62,160 until the month the worker turns “full” retirement age.) There is no limit on earnings for workers who are "full" retirement age or older for the entire year.
The full retirement age increases gradually if you were born from 1955 to 1960 until it reaches 67. For anyone born 1960 or later, full retirement benefits are payable at age 67.
For normal retirement and to receive your full monthly benefit, you must be age 65 with at least 8 years of service or have 33 years of service regardless of age.
You can get Social Security retirement benefits and work at the same time. However, if you are younger than full retirement age and make more than the yearly earnings limit, we will reduce your benefits. Starting with the month you reach full retirement age, we will not reduce your benefits no matter how much you earn.
The maximum benefit depends on the age you retire. For example, if you retire at full retirement age in 2025, your maximum benefit would be $4,018. However, if you retire at age 62 in 2025, your maximum benefit would be $2,831. If you retire at age 70 in 2025, your maximum benefit would be $5,108.
You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits only when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.
But even if you never worked and therefore don't have an earnings record, you're not necessarily out of luck. If you're married (or were married) to someone who's entitled to Social Security, you can collect spousal benefits equal to 50% of your husband or wife's benefits at full retirement age.
The easiest and most convenient way to apply for retirement benefits is by using our online application. You will need to create or log in to your personal my Social Security account.