Can I retire at 55 and collect Social Security?

ssa.gov - Retirement Age and Benefit Reduction - SSA

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You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase. If you start receiving benefits early, your benefits are reduced a small percent for each month before your full retirement age. To find out how much your benefit will be reduced if you begin receiving benefits from age 62 up to your full retirement age, use the chart below and select your year of birth. This example is based on an estimated monthly benefit of $1000 at full retirement age.

Full Retirement and Age 62 Benefit By Year Of Birth

Year of Birth 1. Full (normal) Retirement Age Months between age 62 and full retirement age 2. At Age 62 3. A $1000 retirement benefit would be reduced to The retirement benefit is reduced by 4. A $500 spouse's benefit would be reduced to The spouse's benefit is reduced by 5. 1943-1954 66 48 $750 25.00% $350 30.00% 1955 66 and 2 months 50 $741 25.83% $345 30.83% 1956 66 and 4 months 52 $733 26.67% $341 31.67% 1957 66 and 6 months 54 $725 27.50% $337 32.50% 1958 66 and 8 months 56 $716 28.33% $333 33.33% 1959 66 and 10 months 58 $708 29.17% $329 34.17% 1960 and later 67 60 $700 30.00% $325 35.00% If you were born on January 1st, you should refer to the previous year. If you were born on the 1st of the month, we figure your benefit (and your full retirement age) as if your birthday was in the previous month. If you were born on January 1st, we figure your benefit (and your full retirement age) as if your birthday was in December of the previous year. You must be at least 62 for the entire month to receive benefits. Percentages are approximate due to rounding. The maximum benefit for the spouse is 50 percent of the benefit the worker would receive at full retirement age. The percent reduction for the spouse should be applied after the automatic 50 percent reduction. Percentages are approximate due to rounding.

Before You Make Your Decision

There are advantages and disadvantages to taking your benefit before your full retirement age. The advantage is that you collect benefits for a longer period of time. The disadvantage is your benefit will be reduced. Each person's situation is different. It is important to remember: If you delay your benefits until after full retirement age, you will be eligible for delayed retirement credits that would increase your monthly benefit. That there are other things to consider when making the decision about when to begin receiving your retirement benefits.

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What is the minimum wage for 25 year olds?

Age 18-20 - £6.83 an hour. Age 21-22 - £9.18 an hour. Age 23+ - £9.50 an hour (National Living Wage).

directory.islington.gov.uk - Pay, the National Minimum Wage, tax and national insurance

Employers must pay you at least the National Minimum Wage (NMW) if you have reached the official school leaving date

The rates are updated every April.

National Minimum Wage

From April 2022 the NMW is:

Apprentice £4.81 an hour

Age 16-17 - £4.81 an hour

Age 18-20 - £6.83 an hour

Age 21-22 - £9.18 an hour

Age 23+ - £9.50 an hour (National Living Wage).

Most employers pay more.

Help

If you are not receiving the National Minimum Wage, contact the ACAS Helpline:. Once you earn over a certain amount you will have to pay Income Tax and National Insurance. Your employer will take this money out of your pay before you receive your wage. Your employer will ask you for your National Insurance (NI) number when you start work. This is a personal number you will receive around your 16th birthday. It is very important, you will be asked for it throughout your working life. If you haven’t got one by the end of June in Year 11, call the NI Registration Helpline on.

For more information visit the GOV.UK website.

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