Everyone dreams of being able to enjoy a happy and secure retirement after years at the daily grind. If you’re starting to think about those exciting retirement plans but aren’t quite sure when the right time is to take the plunge, we’ve put together this helpful guide to retirement and social security benefits in the United States:
When Can I Retire?
Depending on the year you were born, full retirement age in the United States is currently around 67 años de edad. Sin embargo, a person can begin to receive a certain percentage of their Social Security retirement benefits from the age of 62.
United States Retirement Age
Anyone can choose to retire and receive Social Security benefits from the age of 62 años de edad, however depending on the year you were born, your full retirement age (the age you will receive your full benefits) can vary. La Federal Social Security Administration features a variety of resources that can help with the very personal decision of when to retire, including a retirement estimator and benefits calculator. Actualmente, the official full retirement ages are as follows:
- For those born between 1943 - 1954: Retirement age is 66 años de edad.
- For those born in 1960 or later: Retirement age is 67 años de edad.
Social Security Retirement Benefits
No matter when you retire, generally you’ll receive around the same Social Security benefits over your lifetime. To make sure this is the case, your monthly benefits will vary depending on when you choose to start receiving them. The longer you wait until claiming your Social Security benefits, the more you’ll receive per month. To simplify this, use the following examples as a guide:
- Aged 62 – You’ll receive 70% of your monthly benefit as you’ll be receiving them from an extra 60 mes.
- Aged 65 – You’ll receive 86.7% of your monthly benefit as you’ll be receiving them for an extra 24 mes.
- Age 76 – You’ll receive 100% of your monthly benefit.
Now you’re in the know about United States retirement and social security benefits ages, why not sit down and put together a rough plan of your finances? Considering all your possible ingoing’s and outgoing’s can help to build a clearer picture of a realistic retirement age. Here are our three things to consider when planning your retirement:
- Timing is everything. We know the age you choose to begin receiving retirement benefits dictates the monthly amount you’ll receive, so take some time to consider how this will work best for you. Although choosing to retire earlier means you’ll get to enjoy a relaxed lifestyle sooner, holding out a few more years for retirement means you’ll receive larger lump sums further down the line.
- Preparation is key. As well as being able to receive benefits during retirement, it’s always wise to think about building up a nest egg of savings whilst you’re still working, so you can really live your golden years to the full. Putting a little extra aside each month can really add up over time, why not look at these retirement planning resources from Voya, a leading provider of retirement products and services.
- Decide where you want to spend your golden years. Not only does retirement make a big change to your finances, it’s also an ideal time to make that lifestyle change you’ve always dreamed of. Whether that’s taking up new hobbies, travelling more, or relocating to a new location, do your research and discover the benefits different states can offer both financially and lifestyle wise. You might be surprised by the things a change of scene can offer!
En Casas AV, we’re proud to offer our state-of-the-art active adult communities for those ready to enjoy their golden years in style. Our newest retirement community, Creekside en Bethpage, offers a welcoming and something place for those aged 55 y más who are looking to make the most of the retirement, offering social clubs, a recreation centre, pool and much more. We guarantee you’ll feel right at home.