BLOG: YOUR AGE AND YOUR SOCIAL SECURITY RETIREMENT BENEFITS
“WE DON’T STOP PLAYING BECAUSE WE GROW OLD. WE GROW OLD BECAUSE WE STOP PLAYING.”
Although I personally believe that the brain is not fully developed until we hit 90 or so, the Social Security Administration has a different analysis in play.
For those of us that don’t plan on dying with our wingtips on, the Social Security Administration has established regulations for how much money a person will get depending on what year they were born and what age they retire. Currently, the Social Security Administration is making the age of retirement later and later based on what year you were born.
EARLY RETIREMENT is still set at 62 years of age. If you retire at this age you are likely to get only two thirds (2/3) of what you would receive at normal retirement age, and only one third (1/3) of what you would receive if your retired at 70 years of age.
NORMAL RETIREMENT AGE: For decades, normal retirement age was 65. This changed in 1983 Congress changed this because of the advancements in medicine and health. People are simply living longer. Although your amount will increase with every month you wait, I have provided a summary below.
Birth year Retirement Age
1937 and earlier 65
1943 To 1954 66
1960 and after 67
The Social Security Administration has a calculator program that will allow you to see how old you will have to be for normal retirement.
IN A NUTSHELL, THE LONGER YOU WAIT BEFORE APPLYING FOR YOUR SOCIAL SECURITY RETIREMENT BENEFITS, THE MORE YOU WILL GET!!