First, if you begin receiving Social Security benefits at age 62, the earliest possible age for receiving retirement benefits, your benefit amount will be lower than if you had waited until full retirement age. See details on the amount of this reduction.
Second, because of the years when you worked part-time and had low earnings, your benefit amount may be lower than if you had continued in your previous job paying the maximum. Your benefit payment is based on how much you earned during your working career. Higher lifetime earnings result in higher benefits.
For more information, call Social Security at our toll-free number, 1-800-772-1213 from 7 a.m. to 7 p.m., Monday through Friday, to ask for Your Retirement Benefit: How It Is Figured (Publication No. 05-10070). Or you can go to our website to find this and other publications.
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