QUESTION:

Full Retirement Age

One thing to think about when retiring is when to start taking Social Security.

If you wait until your Full Retirement Age, then you'll get 100% of your Social Security Benefit. If you retire anytime between 62 and your Full Retirement Age, then your benefit will decrease the earlier you take your benefit.

Your Full Retirement Age varies depending on the year you were born - the later you were born, the older your Full Retirement Age will be.

It's worth thinking through the optimal time to take your benefit based on your personal situation and how long you think you might be able to take this benefit.

The Social Security Administration has a guide here: http://www.socialsecurity.gov/retirechartred.htm
asked by SilverSurfer, 7/9/2006
Categories: Delaying Retirement, Early Retirement, Retirement Income, Financial Planning for Retirement, Social Security, Retirement Calculators, Pre Retirement
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