If you are approaching your fifties or sixties, you may be dreaming about retirement. However, you may not know when you should retire, or even whether or not there is a legal age of retirement that will dictate when you’re able to stop working. If you live in Dyer and are nearing retirement age, attending a Social Security workshop near you can provide helpful answers to some of your toughest Social Security and retirement questions. In the meantime, here are some important things to keep in mind regarding the legal age of retirement in Dyer–
Just to be clear, there is no legal age of retirement in Dyer, or anywhere else in the United States. This means that you can stop working whenever you darn well please, although of course you will have to live with the financial ramifications of this decision.
While there is no legal age of retirement, there is a legal age at which you are allowed to start claiming your retirement benefits: 62. As long as you have earned enough work credits to collect Social Security retirement benefits–at least 40 work credits–then you are entitled to start claiming your benefits as soon as you turn age 62.
While there isn’t any legal age for retirement, there is a full retirement age. Your full retirement age is the age at which, if you start claiming your Social Security retirement benefits, you will receive 100 percent of your benefit amount. Your full retirement age is unique to you, and depends on the year that you were born (it is sometime between age 65 and age 67).
When you should retire is something that is completely up to you, and should be decided after a careful consideration of your financial picture, and of course your mental and physical health. Keep in mind that when you should start claiming Social Security retirement benefits may be different from when you should actually retire.
For example, while you can legally start claiming your Social Security retirement benefits when you are age 62, if you do so, your monthly benefit amount will be reduced to account for the extra number of months that you are claiming benefits. If you wait until after your full retirement age to start claiming benefits, then your benefit amount will be increased. You can receive a percentage increase for every year you wait up until age 70.
Understanding how to get the full amount of benefits available to you when you retire can be confusing. We know that if you are nearing retirement age, you probably have dozens of questions about when you should retire, when you should start claiming benefits, and how both will affect you financially.
At Harvest Social Security QA, we want to help you get the answers you are looking for, which is why we provide free Social Security workshops in areas around Dyer. You can sign up for one of our workshops online today.
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