January 23, 2022

Applying for social assistance early? What to do if you turn 62 in 2022?

Mature Asian couple at home using laptop to organize household bills and finances.

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If you turn 62 in 2022, there are a few things you want to know before you consider applying for social security from how far in advance you can apply to how much early retirement could affect your benefits, if at all.

To see: Which Social Security recipients will get an extra $200 in January?
Find: Social Security: How to Increase Your Benefit by $800

When should you apply?

If you decide to apply for benefits early at age 62, the fastest way to apply is up to four months before you want your retirement benefits to start. You must be at least 62 years old for the entire month to be eligible for benefits.

The RSZ states that if you were born on the first or second day of the month, you meet this requirement in the month of your 62nd birthday. If you were born on a different day of the month, you will not meet this requirement until the following month.

For example, the SSA states that if you turn 62 on December 2, you can start taking your benefits as early as December. If you want your benefit to start in December, you must register in August. If you turn 62 on the day after December 2, you will be 62 for the entire month of December, which means that you can start receiving your benefits in January, when you will be 62 for the entire month. This means that you must apply in September.

Does Applying Early Impact Benefits?

What age you decide to start taking advantage of Social Security benefits has a big impact on the amount in your monthly check. While the amount of money is generally more or less the same throughout your life, regardless of when you decide to take benefits, you can start your retirement benefits as early as age 62 or as early as age 70.

If you start receiving benefits at age 62, your monthly check will be reduced — sometimes by as much as 30% — than if you had waited to receive benefits at age 70. As you prepare to apply for benefits, knowing when you qualify to apply and how the system works are the first steps in determining what age is best for you.

Each person’s situation is unique, so setting up a mySocialSecurity account can help you make the most informed decision, the SSA says.

To see: 20 Best Places to Live With Just a Social Security Check
Find: Social Security Alternatives That Will Bring Retirement Income

When will I receive my first check?

Social Security benefits are paid in the month following the month in which they are due, which means that if you have a benefit before December, you will receive our first check for December’s benefit in January.

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About the author

Georgina Tzanetos is a former financial advisor who studied post-industrial capitalist structures at New York University. She has eight years of experience in concentrations in asset management, portfolio management, private client banking and investment research. Georgina has written for Investopedia and WallStreetMojo.

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