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QUESTION:
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Retire at 61 years old | I have read on the internet that you may retire at 61 years old but that you would recieve a percentage less than if you waited until 62.Yes?
Thanks
Bill Sweeney |  | asked by alligatorz, 3/16/2011 |
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Categories:
Debt and Mortgages, Retirement Assets, Financial Planning for Retirement, Pre Retirement, Transitioning to Retirement, Reducing Retirement Expenses
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| ANSWERS: | | Answered by: Jason B, 03/21/11
Overall Rating:  Be the first to rate it. | Assuming that you are refering to Social Security, I'm afraid that your information is inaccurate. 62 is the minimum age for you to receive social security benefits. Even then, you would receive a reduced quantity of benefits as you would not yet have reached your "Full Retirement Age" of between 65 and 67.
Withdrawing money from a tax-advantaged retirement account such as an IRA is fraught with very stern penalties if done before the age of 62, though if you are willing to meet the penalties, you can do so. Generally though, most financial planners do not recommend doing so. Login to rate this answer: |
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