Social Security: Age 62 1/2

[Aimster]

Friend's dad has been working for 20 years. Car salesman and business as you probably know has dropped.

I don't think they are aware of social security, but he is not collecting. He just tells my friend that he can't yet. No further information.

I thought as long as you worked for 10 years you could start collecting at the age of 62.

 

[SmoochyTX]

Originally posted by: Aimster
Friend's dad has been working for 20 years. Car salesman and business as you probably know has dropped.

I don't think they are aware of social security, but he is not collecting. He just tells my friend that he can't yet. No further information.

I thought as long as you worked for 10 years you could start collecting at the age of 62.

I have no idea. I'm just quoting for posterity.

 

[brtspears2]

I thought you had to be at least 65 and have sufficient work credits, or be able to claim a spouses survivor benefits at 60.

 

[miri]

40 quarters, not 10 years

 

[zerocool84]

Originally posted by: miri
40 quarters, not 10 years

And what's a quarter? A 1/4 of a year?

 

[miri]

Originally posted by: zerocool84

Originally posted by: miri
40 quarters, not 10 years

And what's a quarter? A 1/4 of a year?

well if you work 10 years but have off periods which include entire quarters that would not equal 40 quarters

 

[Bateluer]

I thought you could start with drawing at 62.5 years old but at reduced rates?

 

[woodie1]

The salesman may have been a 'contract' worker paid in cash and he failed to report all/some of his income.

 

[IronWing]

Originally posted by: woodie1
The salesman may have been a 'contract' worker paid in cash and he failed to report all/some of his income.

Yep. If he didn't pay in for 40 quarters, he'll have to keep working until he does. If this is the case then the news gets worse for him. SS benefits are calculated based on a worker's "high 35" years of earnings. If a worker only has 40 quarters of earnings reported then 25 of the 35 years are zero.

If he is married and his wife paid in to SS, he may opt to collect 1/2 of her benefit instead of taking his own if that would pay him more.