At what age should I collect Social Security benefits?

You can begin receiving Social Security as early as age 62 but at a lower rate than at your full retirement age .

When you reach full retirement age per the chart below you are entitled to 100% of your benefits has calculated from your lifetime earnings.

  • If you begin collecting Social Security at the maximum age (70 years): Your full retirement benefit will be 32% larger than if you began collection at your full retirement age. The approximate “breakeven point” is age 82, meaning if you live past the age of 82 you’ll wind up collecting more money by waiting until age 70 to collect your maximum benefits as opposed to taking your benefits at full retirement age.
  • Postponing collection of your Social Security retirement benefits: Can provide your spouse with a higher survivor’s benefit.

Everyone’s situation is unique so make sure to consult with a professional before you decide when to start taking Social Security benefits. For more information, contact our office at 914-964-6806.

Looking for senior housing in New York State?

Finding the right type of senior housing and care often causes stress and confusion, and can be time-consuming. provides a very helpful resource guide to finding the right type of senior housing for you or a loved one:

Paying for Assisted Living & Home Care in New York

Cost of Assisted Living in Rochester, New York


• Affected retirement plans

i. IRA’s

ii. 401(a) Plans

iii 401(k) Plans

iii. 403(b) Plans

• An otherwise premature distribution of up to $100,000.00 can be made if:

i. The individual was diagnosed with COVID-19; or

ii. The individual’s spouse was diagnosed with COVID-19; and

iii. The individual has experience- adverse financial consequences due to COVID-19

• With respect to COVID-19 related distributions

i. 10% penalty tax on the early distribution is waived

ii. One can allocate the taxable portion of the distribution over a three-year period

iii. The distribution is not subject to the 20% mandatory federal withholding tax.

iv. The COVID-19 distribution can be repaid within 3 years from the date of receipt..

• One has 180 days beginning on March 27, 2020 to take a loan which is capped at $100,000 less the value of any other outstanding loans.

• Required Minimum Distributions (RMD’s) are waived for 2020, including those that must be taken before April 1, 2020 but only to the extent not distributed before January 1, 2020

If you have questions about how the CARES Act can impact your retirement plan, contact The Law Offices of Joseph A. Marra today!