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The American social security system (1949) comprehensive old overview. Burns, Eveline M. Toward Social Security: An Explanation of the Social Security Act and a Survey of the Larger Issues (1936) online; Davies, Gareth, and Martha Derthick. "Race and social welfare policy: The Social Security Act of 1935." Political Science Quarterly 112.2 ...
If you start before age 65, payments will decrease by 0.6% each month (or by 7.2% per year), up to a maximum reduction of 36% if you start at age 60. If you start after age 65, payments will increase by 0.7% each month (or by 8.4% per year), up to a maximum increase of 42% if you start at age 70 (or after). [31] Chile: 65 60 [32] China: 63 55–58
President Franklin D. Roosevelt had a team working on a plan and in 1935 he secured the Social Security Act of 1935, which made workers and their employers fund their retirement at age 65. [1] Eleanor Roosevelt said hopefully of retirees, "Old people love their own things even more than young people do. It means so much to sit in the same chair ...
Year of birth. Full retirement age. 1937 and before. 65. 1938-1942. 65 + 2 months for each year past 1937. 1943-1954. 66. 1955-1959. 66 + 2 months for each year past 1954
You can start getting Social Security retirement benefits when you turn 62 years old, the earliest age when they're available. However, there are downsides to starting benefits at such a young age.
You'll start collecting benefits as soon as possible, but you might not keep as much as you thought. The Unfortunate Truth About Claiming Social Security at Age 62 Skip to main content
“My monthly Social Security checks are much higher than what I would have gotten starting at age 62,” Gary said. “The difference is about $1,900 more per month, I believe.”
If you're working part-time to help make ends meet, taking Social Security at 62 might make sense. Learn: 10 Myths About Early Retirement Nikodash / Shutterstock.com