Latest News
When Will Your Retire?
Choosing when to retire may be one of the most important decisions when it comes to Social Security. Some of the choice has already been made for you by the government with minimum ages that you can start collecting benefits. Even this age is different depending on what year you were born. Generally speaking, the older you are the younger you can file. This age is referred to as full retirement age, and for those retiring now and in the next few years that age is 66. This age is for those born before 1955, those born after will have a full retirement age of 2 months later for every year up until 1960 when it caps at 67. You can start collecting benefits earlier, however, at a severely reduced benefit amount. Conversely, you can delay receiving benefits until the age of 70 with a boost to benefits. When you decide to start collecting is completely dependent on your personal situation including your health and financial status. For more information on this topic, visit this article by Matthew Frankel with The Motley Fool.