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
Comments
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anna a.
I would like to know how much would I receive if I would retire at 58 yrs old
Catherine A.
My full retirement age is 66 & 4mo.
If I were to retire at 65 I my benefits would be reduced. When I am 66 & 4mo. will my benefits remain reduced?
Or will they be the same amount as if I retired at 66 & 4mo
Christine V.
I am not able to access my on line SS due to stating I have put in the wrong e mail address. I had a different e mail address at that time I guess , cause I had one for work and probably used that one. My e mail I have had for years is : gardengirlntex@yahoo.com I tried to make a new account , but it would not let me. How can I find out about my SS benefit?
Kenneth R.
If I retire at the age of 64, will I be entitled back pay from my time of filing if it takes several months for my first check to arrive?
marlene s.
see you tomorrow apply ssa retire ok on main st 960 two floors right ok I am deaf lafy ok
R.F.
Hello Marlene. Our system is set up to take applications three months in advance. You can apply for your benefits online at any time now.
Remember that benefits are paid the month after they are due. So, for instance, if you want your benefits to begin with the month of May, you will receive your first benefit payment in June. Please visit our Social Security Retirement Planner for more information. Thanks!
marlene s.
got ready retire on when july or aug or sept or oct end born my birth on oct 4 1951 still work Walgreen warehouse detrash six yrs half and my hybby ray omeara jr got retired for eight yrs and he have april 2 to now stay in hospital he have heart fail by pass 4 and blood clot and Catherine and ok care him help me how to me retire on july or au g sept or oct turn age 67 yrs old
R.F.
Hello Marlene. Our system is set up to take applications three months in advance. You can apply for your benefits online at any time now.
Remember that benefits are paid the month after they are due. So, for instance, if you want your benefits to begin with the month of May, you will receive your first benefit payment in June. Please visit our Social Security Retirement Planner for more information. Thanks!
C H.
Why do we have to pay again for Medicare when it was taken out of our pay for years? I am retired and at the age of almost 67 I have to continue to pay for Medicare. What happened to the money which was taken out for years. Also where does my deceased husband’s money go when I switch to mine? Shouldn’t I be allowed to receive both and the gov’t can continue to take taxes. It is the fair way to do this
Debbie
I will be visiting the SS office soon to inquire about my retirement and would like to know what questions are important to ask. I know SS only answers questions, they do not offer information.
I also want to know the best time to collect on my deceased husband’s earnings.
Thank you
The A.
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Gregory M.
Not able to find my answers I have I have been working for 5yrs. and still putting in to, SSI. I am 70 years of age. Will that raise my benefits and if not do I ever get a raise from it? Can I exempt myself so my working wages would be more without the deduction. Will I ever benefit from that deduction to SSI