Social Security Retirement Ages
Generally speaking, there are two age groups when you can receive social security retirement benefits. The full retirement age and the reduced retirement age. These two groups are usually not the same, but they are both important to your financial future.
Full retirement age
Using a Social Security calculator can help you figure out what your full social security retirement age is. Your retirement age will depend on your lifestyle and your current savings. Having a large nest egg is important to an early retirement. If you do not have a large nest egg, you may need to work to supplement your income.
You should also consider the impact of work activity on your benefit.
When you reach full retirement age, you will receive a monthly benefit. The amount you receive depends on how much you earn, the age you retire, and other factors. You may also be subject to a cap on your benefits.
The full social security retirement age is 66 for people born in 1943, 1954, or 1955. It is 67 for people born in 1960 or later. You can also wait until age 70 to receive an additional 8% in monthly benefits. This is called a delayed retirement credit.
Reduced benefits at 62
Taking Social Security benefits at age 62 can be tempting. It’s a guaranteed income, and you’ve already paid into the system for your entire working life. But there are a few things to consider before taking the plunge.
First, you’ll be limited to …
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