It can be difficult to know when you are going to retire. In addition to your own personal goals, aspirations, and feelings, you will need to consider your financial picture and how your federal retirement benefits will be affected by the age at which you stop working. If you live in Lakes of the Four Seasons, attending a Social Security workshop near you can provide you with answers to your complicated retirement questions.
Some people in Lakes of the Four Seasons are under the misconception that there is a legal age of retirement. However, this isn’t true; unless you have a contract with your employer that states otherwise, you can legally retire whenever you feel like it. However, you will not be able to start receiving Social Security retirement benefits until you are age 62, and won’t be able to receive 100 percent of your benefit amount until reaching your full retirement age.
Your full retirement age is the age that the Social Security Administration has determined you are able to receive your full retirement benefit amount. Retirees have different full retirement ages, as your full retirement age is based on the year that you were born. Your full retirement age is likely sometime between age 66 or 67, although it could be slightly earlier if you were born before 1943.
While you can start recovering your retirement benefits as soon as you turn 62, you by no means have to do this, or have to stop working. In fact, in many cases, continuing working and waiting to claim benefits is ideal. In most cases, the later that you retire, the more positive effect this will have on your benefits for two primary reasons:
Of course, in addition to the above, working later also means a longer source of income, which can be very helpful.
There isn’t a legal age of retirement, but there are some important ages to know as they pertain to retirement and Social Security retirement benefits. To learn more about retiring in Lakes of the Four Seasons, attend a free Social Security workshop near you today. You can sign up for a workshop through our website today.
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