Social Security Retirement Benefits
Whether you are a new retiree or have been receiving social security retirement benefits for years, there are some important things to keep in mind. Some of these things include your spouse’s benefits, COLAs, early retirement, and how working during your retirement years may decrease your benefits.
Early retirement
Several studies have shown that early retirement benefits are not necessarily a boon. Although they are a good way to collect a monthly benefit, early retirees are also at a disadvantage. They are especially vulnerable to poverty and low-wage jobs. They may also be at risk for health complications.
The Social Security Administration has a system in place to reduce benefits for people who work more than 45 hours a month before their full retirement age. Benefits are reduced by 5/9 of one percent of the monthly benefit amount for each month before the normal retirement age. The full retirement age is 67 for people born in 1960.
Some people may want to retire early and continue working in other jobs. Others may choose a healthier lifestyle. Still others may not want to delay Social Security benefits.
Spousal benefits
Spousal benefits as part of social security retirement benefits are available to qualified taxpayers. It’s important to know your options when it comes to claiming benefits. These benefits can be claimed as early as age 62. However, there are certain guidelines to follow to maximize your payout.
For most people, the full retirement age is 66 or 67. However, the age varies …
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