Social Security Benefits for Early Retirement

[Shur]

Hello to you all! I have a quick question. As I am now eligible to retire early, I was checking on the retirement benefits calculator. It says that I will get $1015/month if I retire on April 30th, 2021. Would the $1015 be credited to my bank account every month, or would there be any deductions from that amount for anything else? If there would be any deductions, what would be the amount that I receive in hand every month? I will appreciate any guidance. Thank you so much for your time. -SG

[angeleyes64]

I retired at 55 due to my daughter being killed. I had a very stressful job and just could not handle it any longer. I did get to retire on disability as my husband had open-heart surgery the year before and when the Dr. who checked me for SS came in I was bawling uncontrollably.
I was shocked I got it on being a basket case. I do wish I had gone back to some kind of work because I never get an increase anymore. I have Part A and B and do pay for part B with medical from the Co. I retired from with help with my medicines which are many.
By the time I felt I could deal with people again, my health had become too bad to even try for a job even part-time.

[GailL1]

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@Shur wrote:

Hello to you all! I have a quick question. As I am now eligible to retire early, I was checking on the retirement benefits calculator. It says that I will get $1015/month if I retire on April 30th, 2021. Would the $1015 be credited to my bank account every month, or would there be any deductions from that amount for anything else? If there would be any deductions, what would be the amount that I receive in hand every month? I will appreciate any guidance. Thank you so much for your time. -SG

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As long as you figured it right then, yes, this EARLY Retirement Benefit will be your benefit AND UNTIL YOU REACH 65 years old - nothing mandatory will be deducted from it.

At 65 years old, you can most likely qualify for Medicare and the way Medicare works, you will have to pay your share of Part B premiums (mandatory).  Currently that is about $ 145 a month for MOST people and it is deducted from your SS check monthly.  Higher income ($ over $ 85K- single) Medicare-eligible seniors, or the disabled after 24 months on SSDI, pay more.  VERY low income Medicare-eligible seniors or disabled pay less if any at all.

If you don't sign up for Medicare Part B or Part D when you are required to do so also puts a (forever) penalty in place and this too will be mandatory for a deduction from your SS check going forward.

Any other deduction from your SS check is controlled by you and your preferences -  like your choice of Part D premiums or income taxes you might want withheld.

[Shur]

Thank you!

[cat0w]

@Shur   How old will you be when you retire? Will you have any other income? Direct Deposit will be up to you. Have you already gone to the Social Security web site and created an account? 

I started SS at 62 and had to have some Income tax withheld because I also have my retirement income. At 65 when I received Medicare that is withheld along with my Senior Care Advantage Plan. I chose to have the money withheld for the SCAP from my SS check.