Your Benefit Options at Age 60
When approaching the age of 60, many people begin to evaluate their eligibility for various assistance programs and benefits. While the most well-known retirement benefit, Social Security, isn't typically available for full payout until a later age, there are several programs and considerations relevant to individuals in this age range.
Social Security: The Earliest You Can Claim
Many mistakenly believe they can receive Social Security retirement benefits as soon as they turn 60. The earliest age you can begin receiving a reduced Social Security retirement benefit is actually 62. However, if you are a widow or widower, you may be able to begin receiving survivor benefits as early as age 60. For those who have not yet reached retirement age, it's crucial to understand how claiming benefits at different ages impacts your monthly payment.
Supplemental Security Income (SSI)
For low-income seniors, Supplemental Security Income (SSI) may be an option. This program is for people with limited income and resources who are 65 or older, blind, or disabled. While primarily geared towards older individuals, if you are over 18 and meet the disability criteria, you could potentially receive SSI benefits earlier. It's a needs-based program, and eligibility is determined by your financial situation rather than your work history alone. Some people may also be eligible for both Social Security and SSI simultaneously.
Disability Benefits
Age 60 is a significant milestone for those with disabilities. Social Security Disability Insurance (SSDI) provides benefits to those who are unable to work due to a severe mental or physical disability. If you have a qualifying work history, your disability benefits will automatically convert to retirement benefits once you reach your full retirement age. The disability benefit amount is the same as a full, unreduced retirement benefit.
Food and Nutrition Assistance Programs
Several federal programs provide food assistance to low-income adults over 60. The Senior Farmers' Market Nutrition Program (SFMNP) provides coupons for fresh, local produce, while the Commodity Supplemental Food Program (CSFP) provides a monthly package of healthy food. Eligibility for these programs is based on income and requires you to be at least 60 years old. These can be valuable resources for supplementing your nutrition and stretching your budget.
Key Differences: What's Available at 60 vs. 62
To clarify eligibility, the table below compares benefits available at age 60 versus the earliest Social Security retirement age of 62.
| Benefit Type | Can You Get It at Age 60? | Can You Get It at Age 62? |
|---|---|---|
| Social Security Retirement | No (with one exception) | Yes (reduced benefit) |
| Social Security Survivor | Yes (for eligible widows/widowers) | Yes (for eligible spouses) |
| Social Security Disability | Yes (if you meet eligibility) | Yes (if you meet eligibility) |
| SSI (Needs-Based) | Yes (if disabled and low-income) | Yes (if disabled and low-income) |
| Senior Food Assistance | Yes (age 60+ eligibility) | Yes (age 60+ eligibility) |
Planning for Full Retirement Benefits
For those not facing disability or low-income situations, the decision of when to start Social Security retirement benefits is a critical financial choice. Claiming at age 62 means receiving a smaller monthly payment for the rest of your life compared to waiting until your full retirement age (FRA), which is between 66 and 67 depending on your birth year. Conversely, delaying benefits past your FRA, up to age 70, can significantly increase your monthly payment through delayed retirement credits.
For example, if your FRA is 67, claiming at 62 could reduce your benefit by 30%. Waiting until age 70 could increase it by 8% per year beyond your FRA. The decision depends on many personal factors, including your health, other retirement savings, and longevity expectations. Tools like the Social Security Administration's benefit calculators can help you model these scenarios.
What if I Become Disabled?
If you become disabled before your full retirement age, you may be able to claim Social Security Disability Insurance (SSDI) benefits. If you are already receiving retirement benefits and then become disabled, your benefit amount may be re-evaluated. If you are eligible for SSDI, your benefit will convert to your full retirement benefit when you reach your FRA, and you may receive more than your early retirement benefit. The process can be complex, so speaking with a Social Security representative is always a wise step.
A Final Look at Benefits at 60
At age 60, your options are more limited than at 62 or later, but they are not non-existent. The most common pathways for receiving benefits at this age are through survivor benefits if you are an eligible widow or widower, or through disability benefits if a medical condition prevents you from working. Additionally, low-income food assistance programs can provide immediate support. Proactive planning is key, and understanding the implications of early versus delayed claiming is vital for securing your financial future. As always, consulting with a financial planner who specializes in retirement can provide personalized guidance.
