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The Following Factors can Change the Amount of Your Retirement Benefit:
• You choose to get benefits before your full retirement age.
You can begin to receive Social Security benefits as early as
age 62, but at a reduced rate. Your basic benefit will be reduced by a certain percentage if you retire before reaching your full retirement age.
• You are eligible for cost-of-living benefit increases starting with the year you become age 62. This is true even if you do not get benefits until your full retirement age or even age 70. Cost-of- living increased are added to your benefit planning with the year you reach 62 up to the year you start receiving benefits.
• You delay your retirement past your full retirement age. Social Security benefits are increased by a certain percentage (depend- ing on your date of birth) if you delay receiving benefits until after your full retirement age. If you do so, your benefit amount will be increased until you start taking benefits or you reach 70.
Let’s Review
Take the following True or False quiz to help you review some of the answers to questions about Social Security you just read. Mark “T” if you think the statement is true, or “F” if you feel the statement is false. You’ll find the answers after the quiz.
1. ____ Americans who are currently retired and receiving a monthly Social Security check will soon see their monthly payments cut.
2. _____ Social Security benefits cannot be viewed as advantageous to Hispanic Americans.
3. _____ Social Security’s future challenges are caused by the aging of our population.
4. _____ Social Security is very important to African Americans’ overall income security.
New Views About Retirement 15