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