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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Richard C.
1. If I start my ss benefits when I turn 65 on January 2, when do I get my first ss check?
2. Is the time of month that I receive my check based on the date of my birth or based on the first letter of my last name?
Ray F.
Great questions, Richard. If you want your benefits to begin with the month of January, you will receive your first benefit payment in February. In most cases, if you receive benefits on your own record, your date of birth will determine your payment date. Go to Schedule of Social Security Payments for the current payment dates.
Also, you can create a My Social Security account to review your earnings record and get an estimate of your future benefits. Remember, when ready, you can complete your application for retirement benefits online. We hope this information helps!
rick c.
if you still work and take social security at full retirement
can you still work and make as much money as you can
born in 1953
Ray F.
Great question, Rick. If you were born between 1943 and 1954, your full retirement age is 66. If you work and are full retirement age or older, the amount you make at work will not affect your Social Security benefits, no matter how much you earn. Please read our publication “How Work Affects Your Benefits” for more information. Thanks!
Carol S.
I will be 65 in June but I started my SS this month I plan to retire once I’ve reached my earning limit for 2018 which I believe is 17000. I want to know if that is 17000 before taxes or is that take home pay you can earn. Also it’s my income only my husbands doesn’t enter in to the matter? Thanks.
Danee
Thank you
maria r.
Hi! Need to know the following please.
I am already retired in a plan that was done in advance prior to the age where you receive full payment, therefore I receive little money monthly. I live abroad, in Costa Rica, and I want to know if at my present age of 69 I can enroll for Medicare and what would it cost me and what will it cover me.
thank you very much
HOWARD R.
I need to sign on but I can’t remember how to do it…Just want to check my bennies…and how long before my 66th birthday can I apply for the bennies so I will be getting my retirement when I turn 66?
PHYLLIS M.
I STARTED RECEIVING SS AT THE AGE OF 62 . I WILL BE 67 ON JUNE 12 WILL MY SS GO UP IN MONEY OR WILL IT STAY THE SAME.RETIREMENT IS THE AGE OF 66.
Ray F.
Hi Phyllis, when a person begins to receive benefits at age 62 or prior to their full retirement age, their benefits are reduced. The reduction factors are permanently applied to all of the benefits the person may qualify for. We hope this information helps.
Alan L.
my friend told me that I had to take my benefits at 66 rather than wait, because it greatly impacted my benefits relative to my income downtrack – I am still working and make a little more now than ever before. I wanted to wait a few years. Did my friend give me bad advice? I cant find any information dealing with this subject? He said Social Security was clear – I could make whatever I wanted to make at 66 and not impact my benefits, and that wouldnt be true if I waited to start taking my benefits at 67. Please help
Ray F.
Hi Alan, if you were born January 2, 1943, through January 1, 1955, then your full retirement age for retirement insurance benefits is 66. If you work and are full retirement age or older, the amount you make at work will not affect your Social Security benefits, no matter how much you earn. Please read our publication “How Work Affects Your Benefits” for more information.
Janet J.
I receive my ss check with a 7% tax removed prior to my receving my check. I also pay for medicare insurance part A & B which I indend to keep. I want to stop the removal of taxes for 2018.My tax is $45 at this time.
My husband would also like to stop his % removal of taxes, but keep his insurance payment for Medicare part A & B. He pays $135 each month in taxes.
Janet
Please do not post our last names on your website. janet
joni
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