Options for Social Security Bene

Retiring Early – If you’ve earned 40 credits, you can start receiving Social Security benefits at 62 or at any month between 62 and full retirement age. However, your benefits will be permanently reduced based on the number of months you receive benefits before you reach full retirement age. If you retire before your full retirement age of 65, your benefits will be reduced:

Receiving Retirement Benefits While You Work—You can work while receiving monthly benefits. And it could mean a higher benefit that can be important to you later in your life and increase the future benefits your family and survivors could receive.

SSA will review your record each year to see whether the additional earnings would increase your monthly benefit. If there’s an increase, SSA will send you a notice of your new benefit amount. Earnings in or after the month you reach full retirement age won't reduce your Social Security benefits. However, if you receive benefits before reaching your full retirement age, your benefit amount will be reduced.

· In the year you reach full retirement age, $1 in benefits will be deducted for each $3 you earn above the annual limit ($34,440 in 2007) until the month you reach full retirement age. After that, your benefits will not be reduced, no matter how much you earn.

· In the years before you reach full retirement age, $1 in benefits will be deducted for each $2 you earn above the limit ($12,960 in 2007).

If you lose benefits because of work, your benefit will be increased later to account for the months you didn’t receive a benefit before reaching full retirement age.

Delaying Retirement- You may decide to continue working beyond your full retirement age without choosing to receive benefits. If so, your benefit will be increased by a certain percentage for each month you don’t receive benefits between your full retirement age and age 70. This table shows the rate your benefits increase if you delay retiring.

Is this legal advice? This site offers legal information, not legal advice. We make every effort to ensure the accuracy of the information and to clearly explain your options. However we do not provide legal advice - the application of the law to your individual circumstances. For legal advice, you should consult an attorney. See our section on Finding Legal Help.

About this website. The Maryland State Law Library, a court-related agency of the Maryland Judiciary, sponsors this site. The website was developed (1999-2007) as part of an access to justice initiative by the Maryland Legal Assistance Network (MLAN) in collaboration with a number of legal services providers serving low and moderate income Marylanders. In the absence of file-specific attribution or copyright, the Maryland State Law Library may hold the copyright to parts of this website. You are free to copy the information for your own use or for other non-commercial purposes with the following language “Source: Maryland's People’s Law Library – www.peoples-law.org. © Maryland State Law Library, 2007.”

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Year of Birth*	*Full Retirement Age*
1937 or earlier	65
1938	65 and 2 months
1939	65 and 4 months
1940	65 and 6 months
1941	65 and 8 months
1942	65 and 10 months
1943-1954	66
1955	66 and 2 months
1956	66 and 4 months
1957	66 and 6 months
1958	66 and 8 months
1959	66 and 10 months
1960 or later	67

*Percentage*	*Age*
30%	62
25%	63
20%	64

*Percentage*	*Age*
25%	62
20%	63
13.33%	64
6.66%	65

*Year Of Birth*	*Yearly Increase Rate*
1935 – 1936	6.0%
1937 – 1938	6.5%
1939 – 1940	7.0%
1941 – 1942	7.5%
1943 or later	8.0%