When Can I Apply for Benefits?
You can apply for benefits:
- 3 months before you turn 62 (the earliest benefit age).
- If you are 62 or older, you may be able to start your benefits the month you apply – OR–
- If you are 62 or older, you can apply 4 months before you want benefits to begin.
You can expect to collect 100% of your Social Security benefits upon retirement through 2033, barring any future legislative reform. In 2034, however, that number decreases to 79% of current benefits and by 2089, it decreases even further to 73% of current benefits.
Bottom Line: If you are a current Social Security recipient, you should expect your benefit amount to decrease by 21% in the year 2034. If you are not a current Social Security recipient, you can expect a decrease in future benefits as well. All the statisticians agree that by 2089 Social Security will remain solvent but legislative reform is needed.