What Is the Legal Age of Retirement in Highland?

What Is the Legal Age of Retirement in Highland?

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–

Is There a Legal Age of Retirement?

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.

So Is 62 My Full Retirement Age?

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 Should I Retire and Start Seeking Social Security Retirement 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:

  • The longer you wait to claim your Social Security retirement benefits, the larger your benefit amount will be;
  • The longer that you keep working, the more money you will earn and the fewer years that you will have to live on savings and Social Security/other forms of retirement income; and
  • Your Social Security retirement benefits are based on your 35 working years where you earned the most – if you are earning more now than you were previously in your career, continuing to work could boost your benefit amount.

Learn More By Attending a Social Security Workshop Near Highland Today

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.

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

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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.