When exactly does retirement happen? While the answer to that question for many is, “as soon as possible, please….” – the bottom line is that the current full retirement age to start receiving Social Security benefits varies depending on the year that your were born. The age was recently increased to 67 for anyone born in 1960 or later. While it’s possible to start collecting benefits at age 62 (called early eligibility), it’s important to know that your monthly benefit will be reduced if you do so.
What Benefits Will I Receive?
The amount of potential Social Security benefits is a source of confusion for many – especially younger generations who have been told not to count on it at all. However, assuming the system is still in place, the benefits you’ll receive will be based on your earnings’ history – specifically your highest 35 years of earnings income. Those benefits, which are increased every year with a small cost of living adjustment (COLA), will be greater the longer you wait to apply for them. However, keep in mind that once you apply, you’ll be forever locked in. Anyone can access their Social Security statement online to get an estimation of their probable benefits.
Trust Knowledgeable Credit Counseling Attorney
Whether planning for your retirement, attempting to get out of debt, avoiding foreclosure or dealing with any issue regarding bankruptcy, turn to an attorney who understands how your current individual circumstances, assets and debts can affect your future. When contacting a lawyer, make sure that he or she has the knowledge and experience about how to protect your future so that you and your family are well informed, well protected – and hopefully a bit more well off in the end.
If you are contemplating retirement and have questions about maximizing your Social Security benefits, contact the Michael H. Schwartz, P.C. Let us review your financial situation and determine the best strategy to make the most of your benefits. For over 30 years, we’ve been helping people just like you on – and we’ve done so with a great deal of success.