The Best Age for YOU to Retire
Reading Time: 2 MinutesLast Updated: May 12, 2015
You may be trying to figure out what the most beneficial age is to say goodbye to your colleagues at the office. This is one of the most important and challenging decisions you’ll make in your life. When you decide to retire affects not only you, but it could have serious, long-lasting consequences for your family members, too. The answer is not the same for everybody, and I’m going to share some information that can help you make an informed decision based on your own personal situation.
If you delay receiving your Social Security until age 70, the monthly amount is 32 percent more than you would get at full retirement age.
From a Social Security standpoint, you can start getting lower benefits as early as age 62, or you can delay retirement up to age 70 for your maximum monthly benefit amount.
For example: Let’s say your full retirement age for Social Security benefits is 66, and your monthly benefit at that age is $1,000. Here’s what your monthly benefit would be, starting at different ages:
* Age 62 = $750
* Age 63 = $800
* Age 64 = $866
* Age 65 = $933
* Age 66 = $1,000
* Age 67 = $1,080
* Age 68 = $1,160
* Age 69 = $1,240
* Age 70 = $1,320
At age 62, your benefit amount is about 25 percent lower than your full benefit at age 66. If you delay receiving your Social Security until age 70, the monthly amount is 32 percent more than you would get at full retirement age. From 62 to 70, that comes to a monthly increase of $570 or $6,840 a year.
When to retire is a personal decision that you should base on factors such as your current cash needs, your health, and family longevity, whether you have other retirement income sources, and of course, your anticipated future financial needs and obligations. Remember, the average retirement will last for about 20 years, and Social Security benefits are typically adjusted annually for inflation to help maintain your standard of living. For more information, visit www.socialsecurity.gov.
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About the Author
Doug Walker, Deputy Commissioner, Communications
Deputy Commissioner, Office of Communications
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CRISTINA D.
I use to get by mail yearly reports on my points if i were to retired early it use to come from the social security office.
The last on i ever recieved was back in2011 how can i get that info again i would like to find out how much points i have at this time
Please help me by directing me to the right people who can mail me this info.
R.F.
Hi Cristina! Please visit our Frequently Asked Questions web page to get information on how to get your Social Security Statement.
alex
I have a navy retirement. A I will soon have a DOD retirement how will my ss come in to play with these.
R.F.
Hi, Alex. Thank you for your many years of service in the military and as a civilian in the Department of Defense (DOD). Generally, you can get both Social Security retirement benefits and military retirement and we do not reduce your Social Security benefits because of your military benefits. However, your Social Security benefit can be reduced if your pension from the DOD is based on work that is not covered by Social Security (for example, the Civil Service Annuity Program). See Windfall Elimination Provision for more. Remember, we provide general information about Social Security retirement benefits and that many services are conveniently available anytime at our website. Individuals can create a personal my Social Security account to get detail information about their future benefits or even manage their Social Security benefits. We hope this helps!
Randu
Start collecting at 62 of course. First off you might be dead if you wait and of course thats what the idiot losers that are on the biggest dole of all … our government workers, are hoping for, second off if you wait until you are 66, thats 4 years of payments you lose forever, and NEVER EVER GET. So when you turn 62, run, dont walk to your nearest SS office and apply. Hurry before you croak, or kick the bucket, bite the big one, or begin your eternal dirt nap.
salah
hi sir
im divorced want file for x souse benifits nut i dont know if my x wife still in life or die
how i know if my x die or a live ?
thanks
Catherine G.
My husband is 66 and started to receive social security benefits. Our income for 2017 will be over $32,000 so should we have taxes withheld from our benefit? And if so, what %? 7, 10, 15 or 25? Once he reaches age 70 does it matter what income we earn for taxes to be withheld?
Claudia T.
If I reach age 70 on 18 November, which month should I specify on my application, to receive my first check, November or December (to receive max $)?
R.F.
Thank you for your question Ms. Thomas. Keep in mind that Social Security benefits are paid the month after they are due. So, for instance, if you want your benefits to begin with the month of November, you will receive your first benefit payment in December. In your case and to get the most of your delayed retirement credits you should select December as your 1st month of payment. Remember that the benefit increase no longer applies when you reach age 70, even if you continue to delay taking benefits. We hope this information helps!
Iola
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Sylvia J.
Hi, If I retire at 56 and 4 months with 32 yrs of govt service and all of my 4 quarters. What are my penalties? or my pros and cons
R.F.
Hi Sylvia. If you’re referring to Social Security benefits, the earliest age you can apply for reduced retirement benefits is 62. We recommend that you create a my Social Security account, which allows you to review your earnings record, get estimates of your future Social Security benefits, and show you the estimated Social Security and Medicare taxes you’ve paid. If you’re a Federal government employee and eligible for a pension that is based on earnings not covered by Social Security, your Social Security benefits may be affected. See Our “Information for Government Employees” web page for more information. Thanks!
John D.
When taking social security at age 70, do I select the birth month or the month after as the time payments should start so as to receive the maximum payout?
A.C.
Hi, John. Thanks for your question. You can file as early as 3 months in advance to begin benefits the month you turn age 70. Keep in mind the benefit increase no longer applies when you reach age 70, even if you continue to delay taking benefits. So you would want to select your month of birth (when you attain age 70) as the first month of entitlement. You will receive your first payment the following month, since Social Security benefits are paid the month after they are due. If you decide to delay your retirement, be sure to sign up for just Medicare at age 65. If you do not sign up, in some circumstances your Medicare coverage may be delayed and cost more. For more information, visit our Retirement Planner: Other Things To Consider webpage. We hope this helps.
julio h.
Posso me aposentar aos 45 anos de idade Eu tenho trabalhado por um total de 25 anos aos 45 anos de idade eu estarei trabalhando por um total de 30 anos posso me aposentar aos 45, por favor responda.
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