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What Is the Legal Age of Retirement in Schererville?

What Is the Legal Age of Retirement in Schererville?

As you reach your fifth and sixth decades of life, you probably start to think about retirement, and when you will leave your job and cash in on the retirement benefits that you have earned throughout your working years. What you may not know, however, is at exactly what age you should retire. In fact, many people wonder if there is a legal age that they must retire, or a legal age up until which they must work. The answer is that there is no legal retirement age, but age does play a huge role in your Social Security retirement benefits.

At What Age Can I Start Seeking Retirement Benefits?

Before you retire, you surely want to know that you will have enough income to support your current lifestyle. As such, when you will be eligible to claim your Social Security retirement benefits may play a role in when you will actually retire.

You are allowed to start claiming your Social Security retirement benefits when:

  • You have earned at least 40 work credits from the Social Security Administration (you earn up to four credits per year, which means you must have worked for at least 10 years); AND
  • You are at least 62 years old.

However, whether or not you will receive the full amount of benefits that you are actually entitled to depends on your full retirement age (often confused with the term legal retirement age). Your full retirement age depends on the year you were born, and is somewhere between 65 and 67. If you start claiming your benefits before full retirement age, you will receive a reduced monthly benefit amount.

What Are the Benefits of Postponing Retirement?

There are some big benefits to postponing retirement if you can get through a few more years of work mentally and physically. These include:

  • The longer that you wait to claim retirement benefits (up until age 70), the greater your monthly retirement benefit check from the Social Security Administration will be.
  • Because your benefit amount is based on your 35 highest earning years, if you are making more now than at any other point in your career, the more years you work at your current rate, the higher your benefit amount will be.
  • Working longer and having a steady stream of income means that you will have more financial security, and have fewer years of living on savings to worry about.

Of course, delaying retirement and the claiming of retirement benefits isn’t for everyone! In many cases, retiring early is necessary or ideal. It is important to speak to a professional regarding which situation may be best for you.

How Can I Learn More About When to Retire in Schererville?

If you want to learn more about when to retire in Schererville, there’s an easy solution: register for a Social Security workshop near you, hosted by Harvest Social Security QA. Not only is a Social Security workshop a great way for you to learn more about Social Security benefits and put your questions to the experts, but our workshops are open to the community free of charge! You can reserve your spot 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
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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.