Retirement – At What Age Can I Retire?

Full retirement age is 65.

This is a question we get asked a lot, at what age can I retire? And if you mean retire and receive social security, the answer is 62. And you have to be 62 for the entire month. However, you will not receive full benefits; this is typically 75% of what you would receive if you waited until full retirement age. If you start receiving benefits early, your benefits will be reduced a small percent for each month before your full retirement age.

If you choose to delay taking your benefits from your full retirement age up to 70, your benefits will increase.

When trying to decide when to retire, remember there are advantages and disadvantages. If you take your benefits early, before age 65:

• Advantage: you collect benefits for a longer period of time.
• Disadvantage: your benefits will be reduced.

If you choose to delay your benefits until after your full retirement age of 65, you will be eligible for delayed retirement credits that will increase your monthly benefits. However, these increases stop when you reach age 70. This could be up to 32% larger monthly benefit.

Just remember, the monthly amount of benefits you receive when you first get your benefits, sets the base amount you will receive for the rest of your life.

If you can’t for retirement, you don’t want to constantly have to worry about finances. Consider your options carefully.

To find out more about when to start retirement, Call Advanced Insurance Concepts today and Jim Rooney will work with you to find the answer. Advanced Insurance Concepts works with a variety of insurance companies and all Medicare Advantage providers in Missouri and Kansas. He is licensed to sell Health, Life and Accident Insurance, so call Jim Rooney for all your insurance needs.