How much will I receive in Social Security Benefits? (Based on my age/year of birth) 

Should I take my social security benefits early or wait to qualify for the maximum benefits? Can I take my spouse or ex-spouse's benefits early or should I wait?

What is Full (or Normal) Retirement Age?

According to the Social Security Administration "Full retirement age is the age at which a person may first become entitled to full or unreduced retirement benefits."

Regardless of what your full retirement age (also called "normal retirement age") is, you are allowed to start receiving benefits as early as age 62 or as late as age 70.

What Happens to Your Benefits if You Retire Early?

If you are healthy and can afford to wait then there is no need to rush! If you choose to retire you may begin drawing social security benefits at any time between age 62 and your full retirement age (which is based on the year that you were born).

If you are seriously considering tapping into your benefits early, it is important to note that you will not be entitled to the full amount that you may be expecting. In fact, your benefits will be reduced by a fraction of a percent for every month that you receive them prior to your full retirement age. Although that may not sound like much it can easily add up to a 20 - 35% reduction in monthly benefits and can make a significant difference in your long term financial well-being!

Compare Social Security Benefits Paid at Full Retirement versus Age 62 (By Year of Birth)

Source: Social Security Administration

Place Trade Financial Strength & Security: Secure Login System

Secure Login System

Although it requires an extra step when logging into an account, the simple practice of entering a randomly generated security code along with a username and password goes a very long way toward protecting your account and consequently its assets. Our commitment to providing this protection begins with our Secure Login System, a program through which clients are offered, at no charge,¹ either the physical security code card or the Smartphone Application that generates this code.

Using this second-level security adds an important extra layer of security to your account. Consider this: if an internet hacker or identity thief should somehow manage to obtain your username and password, they WILL NOT be able to access your account without physical possession of your mobile or security device plus your entry PIN.

While participation in the program is optional, we STRONGLY encourage you to participate and recommend that you weigh the benefits of the program versus the "nuisance" or extra step involved with operating the feature (it is quite easy to use and well worth the few extra seconds that it takes to type in the security code:

• The security device provides a virtually impenetrable layer of physical security to your PT account.
• Participation in the program results in higher daily and weekly withdrawal limits.
• If you have multiple accounts, you don't need multiple devices. You can share a security device among multiple usernames registered to the same individual. (Same first party and tax ID)

How to Request a Security Device

• New Clients - New clients have the option to register for a security device during the application process. You will receive the appropriate device based on the amount with which you fund your account.
• Existing Clients - Request a device from the Request Security Device page in Account Management (select Manage Account > Security > Secure Login System > Security Device from the Account Management menu). Please follow the instructions on the page to indicate that you would like to participate in the Secure Login System program.

How to Request a Security Device?    

Log into Account Management.

Select Manage Account (from the Main Menu)

> Security

> Secure Login System

> Security Device

> Follow the instructions on the page to indicate that you would like to participate in the Secure Login System program. 

Detailed instructions are available here: 

• How to Request a Security Device
• How to Request a Replacement for your Security Device
• If you choose to use Handy Key, you will need to validate your phone number. From the Manage Account menu select Security and then Secure Login System followed by Smartphone Authentication. Follow the on-screen instructions to confirm your phone number. Detailed instructions are available here: Download HandyKey (Two-factor security app). Please be sure to click on the Handy Key tab for instructions, as both the Handy Trader online trading (mobile app) and the Handy Key security app are available on this page!  

Physical Security Devices

Account Management using PT's Security Code Card/devicesWebTrader, Handy Trader, Tablet Trader or Securely log into any of Place Trade's award-winning applications, including TraderWorkstation (TWS). Click one of the following links to learn more about using your PT security device:

• Security Code Cards - Offered to accounts with balances up to 500,000 USD. This is a credit card-like device with 224 alpha-numeric codes.
• Digital Security Card+ - Offered to accounts with a balance greater than 500,000 USD. This is an enhanced version of the Digital Security Card, which adds an extra layer of security through the use of a challenge code and a higher count of possible code permutations. 

Smartphone Authentication

• Handy Key - Offered to accounts with a balance up to 1,000,000 USD. This is an Android or iPhone application that requires PIN code or fingerprint to operate. Simplified two-factor authentication for your Place Trade account that you access via an app downloaded to your Android or iOS mobile device. For clients who currently use a security code card, Handy Key replaces your card. 

When Will I Receive My Device?

Devices are shipped daily and the projected delivery time ranges from several business days to several weeks depending upon the shipping address and the local delivery options. Handy Key is downloaded from the App Store or Google Play. 

Alternatively, you can download, install and use Handy Key. Detailed instructions to download both Handy Key and our mobile trading app are available here: Download HandyKey (Two-factor security app)

Activation

Once you have received your security device, please log into Account Management and select the activation link (Activate Security Device or Security Code Card Activation) from the Manage Account> Security > Secure Login System menu option. Follow the instructions to supply information necessary to activate your device.

The users who have chosen to use Handy Key will need to install the application from the respective mobile application store. This article will walk you through the application process: Download HandyKey (Two-factor security app) 

Once activated, each time you log in to Account Management, TWS, WebTrader or mobileTWS, you will be required to enter the two authentication factors – your username and password combination and the security code generated by your device. When you successfully log in, your account will be secured with full perimeter coverage, protecting both cash and positions from unauthorized access.

Withdrawal Limits

Daily and weekly withdrawal restrictions are placed upon accounts which do not participate in the program while participants are afforded enhanced withdrawal capabilities. The amount which a participating client may withdraw or transfer over a given one- or five-day period increases commensurate with the protective value of the device and is outlined in the table below.

Maximum Withdrawal Limits for PT Clients

 Please Note:

* Represents a legacy device no longer being issued and in the process of being replaced with a version of the Digital Security Card. See KB975 for details.

[1] Please note that while PT does not impose a fee to use a device, a replacement fee is associated with certain devices if lost, damaged or otherwise not returned should the account be closed.