What Is the Legal Age of Retirement in Lakes of the Four Seasons?

What Is the Legal Age of Retirement in Lakes of the Four Seasons?

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.

Do I Have to Wait Until Reaching a Certain Age to Retire?

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.

What Is My 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.

How Does Retiring Later Affect My Social Security Retirement Benefits?

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:

  • Your Social Security retirement benefit amount is based on your 35 highest earning years. If you are earning more at the end of your career than you were at the beginning (which is very common), your average earning amount will be higher the more years that you continue working.
  • The later that you delay claiming your Social Security retirement benefits, the more your benefit amount will be. In fact, your Social Security retirement benefit amount increases for every year that you delay claiming benefits after reaching your full retirement age. The increase is capped at age 70, which is the latest age you can start claiming your benefit amount.

Of course, in addition to the above, working later also means a longer source of income, which can be very helpful.

Sign Up for a Workshop Near You Today

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.

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.