• Question
  • Retire at 61 years old

    Asked on 3/16/2011

    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

  •  
  • Categories: Social Security, When to Start?

Answers

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  • NewRetirement User

    69 year old from Houston, TX

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  • 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:   Answered on 3/21/2011
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.