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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Erolinda B.
Couldn’t find the answer to this question: Can an ex-spouse receive benefits if he/she has never lived in the United States?
R.F.
Go to Can noncitizens living outside the United States receive Social Security benefits?
Marsha K.
I need to know what my benefit amount would be at age 63.
V.V.
Hi Marsha. Social Security has an online calculator called a Retirement Estimator that provides immediate retirement benefit estimates based on your actual Social Security earnings record. Plus, it also allows you to create “what if” scenarios. You can, for example, change your “stop work” dates or expected future earnings to create and compare different retirement alternatives.
See our Benefits Planner: Retirement web page for more on obtaining benefit estimates.
James M.
Question. If an employee is still employed can that employee not accept that company,s medical plan and instead join the Medicare program. The employee would be over 62 and otherwise meet the medical eligibility requirements. When in the year can that employee join the Medicare program. Is retirement mandatory before Medicare can be accessed?
R.F.
We can only provide information on our programs, James. When it comes to Medicare and employer’s group health insurance programs, we suggest that individuals speak to their health benefits advisor, or health plan representative to see what’s best for them.
Medicare is our country’s health insurance program for people age 65 or older. Under special provisions, certain people younger than age 65 can qualify for Medicare, too.
Individuals who are of age 65 or older and not ready to start their monthly Social Security benefits yet, can sign up just for Medicare and wait to apply for their retirement benefits later. We hope this information helps!
Blogger
Insightful post.Thank you very much
samuel j.
if i am still working after 66 and collecting ssi benefits how much can i make before i am penalized
R.F.
Hello Samuel. Factors that may affect your retirement benefits include “Getting Benefits While Working“. To learn how your earnings can affect your Supplemental Security Income (SSI) benefits, see “Understanding Supplemental Security Income (SSI) Income“.
Please call our toll free number at 1-800-772-1213 for further assistance. Representatives are available Monday through Friday, between 7 a.m. and 7 p.m. Thanks!
Jane J.
Why am I required to pay a monthly Medicare premium if I work full-time and have health insurance paid by my employer? In this scenario, Medicare does NOT pay anything towards any medical expenses since I am primary on my employer’s health plan.This is a cost I should NOT be required to pay. Medicare premiums are OUTRAGEOUS and for the Medicare to mandate such a premium on a working elder is also OUTRAGEOUS. If there is a law or regulation in the Medicare provisions, then I need to be able to access it. The only info I have seen so far is for the disabled. I am NOT disabled and I work full-time and should not be forced by Medicare to pay for a premium that is useless to me at this time because I have paid health insurance through my employer. I cannot even fully retire because I cannot live on what I have paid in all these years. I’m even taxed on Social Security. I paid thousands of dollars for over 50 years to Social Security and Medicare and YOU are now taxing me and requiring me to pay a premium. Of course, give all MY retirement benefits to ILLEGALS and their children (who have not paid anything), but make me live in poverty at my OLD age!!! I would like to know whether or not a Medicare premium is required while working full-time and have a health care premium paid by my employer.
Wanda G.
I signed up for social security at age 66. Someone just told me that if I had waited until 66 1/2, that my tax situation would have been better than if I had taken it right at age 66. When I signed up, I was not told anything about waiting until I was age 66 1/2. Is the statement I heard, correct?
Mark C.
I am presently 65 years old and do not plan to draw SS until age 70. Is there any requirement to contact SS to declare my intentions at age 66 or any other time prior to 70?
R.F.
Hello Mark. You will only have to contact us when you’re ready to file for your benefits.
Keep in mind, the benefit increase no longer applies when you reach age 70, even if you continue to delay taking benefits. Also, individuals age 65 or older and not ready to start their monthly cash benefits can use our online retirement application to sign up for Medicare ONLY and apply for their retirement benefits at a later date.
We hope this information helps!
jim
need more mony