Retirement is a very exciting time, where the once five-day-a-week routine of waking up and heading into the office is a thing of the past, providing you with newfound freedom and opportunities. But before you dive into retirement and get too excited, it is important that you understand how when you retire affects your benefits. Here’s some must-know information about the age of retirement in Highland–
No – the idea that there is a “legal” retirement age is a misconception, and is probably founded in the fact that there is something called the full retirement age. While you are legally allowed to retire whenever you feel like it, you will not be able to collect retirement benefits from the Social Security Administration unless you wait until you are at least 62 years old and you have accumulated enough work credits during your working years. You need at least 40 work credits to claim retirement benefits.
Here is another misconception about Social Security retirement age; while you are allowed to start claiming your Social Security benefits at age 62, this is not your full retirement age. Your full retirement age is probably between 65 and 67, although exactly what it is depends on when you were born.
The difference between age 62 and your full retirement age in terms of Social Security is this: If you wait until you reach your full retirement age in Highland to start claiming Social Security benefits, you will receive 100 percent of your benefit amount. On the other hand, if you start claiming benefits early, then your monthly benefit amount will be reduced in order to account for the additional time for which you are claiming benefits.
When you should retire and start seeking Social Security retirement benefits is completely up to you. In most cases, however, there are some significant advantages to waiting to claim benefits and go into retirement, including that:
If you want to learn more about Social Security retirement benefits and the “legal” age of retirement (i.e. when you can start claiming benefits/when you should start claiming benefits), you should attend a Social Security workshop near Highland. These workshops are offered free of charge, and are designed to serve as an educational opportunity for the community. To learn more, register for a workshop near you online today.
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