If you live and work in St. John and are nearing the age of 60, you may be wondering when you are legally allowed to retire. The good news is that there is no legal age of retirement in St. John – when you can or should retire depends upon for how many years you have worked, your savings, your pension, and any employee contract you have. That being said, however, there are some ages that certainly affect your retirement. Further, as it pertains to Social Security retirement benefits, you will not receive 100 percent of your benefit amount unless you wait until reaching full retirement age to start claiming benefits.
The full retirement age is the age at which you can retire and receive 100 percent of your Social Security retirement benefit amount from the Social Security Administration. Your full retirement age depends on when you were born. A chart provided by the Social Security Administration shows the full retirement age for the following years of birth:
No, you do not have to wait until reaching full retirement age to retire. Full retirement age simply refers to when you can receive 100 percent of your full benefit amount, but you can begin claiming Social Security retirement benefits as early as age 62, and can retire as soon as you have enough work credits (you need at least 40 in order to qualify for benefits). However, keep in mind that because your Social Security retirement benefit amount is based on the 35 years where you earned the most, waiting as long as possible to retire may be ideal, as most people make more money in their later years.
You have the option of claiming your Social Security retirement benefits early, as mentioned above, and this is something that many people choose to do. However, keep in mind that if you claim your retirement benefits before reaching full retirement age, your benefit amount will be reduced to account for the extra time you’ll be receiving benefits. On the other hand, if you wait to start claiming your benefits (you can wait until up to age 70), then your monthly benefit amount will be increased.
You can legally stop working whenever you want (unless a contract prohibits you from doing so). However, you cannot start claiming Social Security benefits until age 62, and even then, waiting until you reach full retirement age or later is often smart. To learn more about Social Security benefits in St. John, attend a free workshop hosted by Harvest Social Security QA near you. You can sign up online today.
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