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What Is the Legal Age of Retirement in Dyer?

What Is the Legal Age of Retirement in Dyer?

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–

There is NO Legal Age of Retirement

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.

There IS a Full Retirement Age

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).

So When Should I Retire?

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.

Learn More About Full Retirement Age and Your Benefits

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.

No Charge to Attend! Seating is limited, so sign up today!

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Harvest Social Security QA 930 W. US-30
Schererville, IN 46375
Phone: (219) 864-5050

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The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by Harvest Financial Planning, LLC to provide information on a topic that may be of interest. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.  Harvest Financial Planning, LLC Is Not Associated With The Social Security Administration Or Any Government Agency.