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Gainesville Florida Estate Planning & Elder Law Blog

Tuesday, January 17, 2017

When Should You Retire? Consider Your Social Security Benefits Before Deciding

Are you thinking that 2017 may be the year of your retirement? If you are somewhere between 65 and 70, that may be the right decision. But if you’re closer to 62, you may want to consider your options.

You can retire at 62 and start to receive benefits from Social Security. But those benefits will be less than they would be if you wait a few years. And those lower benefits are permanent. They do not increase in later years.

We all think of Social Security starting at 65 but the full retirement age has been rising for some time. Starting with people born in 1938 that age has been gradually increasing. It is now 67 for people born in 1960 and later.

So as the full retirement age continues to increase, there are significant reductions in benefits if you claim them before you reach full retirement age.  Here’s an example. If you apply for benefits in 2017 at age 62, your monthly benefit amount will be reduced nearly 26 percent.

Here’s a link to a guide from the Social Security Administration about how much it could cost you to retire before your full retirement age: https://www.ssa.gov/planners/retire/agereduction.html.


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