The younger you are, the less that you might feel interested in reading this blog. Since our practice does handle social security claims, I thought that I would post a few tables from Charles Schwab, that at least gives you something to think about.
As of 2002, you can no longer just retire at age 65. Every year in the federal government budget conversation, there is a move to increase retirement to an older age to save the social security fund.
Based on the current law, 2002 was the last year that someone could retire at age 65 and receive full benefits. The table below shows the different variations of when. This is a “looking into the future” blog. For some, the future is getting closer.
One last thought. Yogi Berra said about the future, “Always go to other people’s funerals or they won’t come to yours”. He also said, “The future ain’t what it used to be”… I know, I “pulled a Yogi” by saying “one last thought”. Kinda like, “let’s pair up in threes”.
Anyway…something to think about:
|If you were born in …||Your “normal” retirement age is …|
|1937 or earlier||65|
|1938||65 and 2 months|
|1939||65 and 4 months|
|1940||65 and 6 months|
|1941||65 and 8 months|
|1942||65 and 10 months|
|1955||66 and 2 months|
|1956||66 and 4 months|
|1957||66 and 6 months|
|1958||66 and 8 months|
|1959||66 and 10 months|
|1960 or later||67|
|Consider taking benefits earlier if …||Consider waiting to take benefits if …|
|You are no longer working and really can’t make ends meet without your benefits.||You are still working and make enough to impact the taxability of your benefits. (At least wait until your normal retirement age so benefits aren’t further reduced due to earnings.)|
|You are in poor health and don’t expect to make it to average life expectancy.||You are in good health and expect to exceed average life expectancy.|
|You are the lower-earning spouse and your higher-earning spouse can wait to file for a higher benefit.||You are the higher-earning spouse and want to be sure your surviving spouse receives the highest possible benefit.|
And for pic o’ day, retirement?