If you are like most people Social Security will provide a significant percentage of your retirement income. As a result, your retirement date may well coincide with your date of Social Security eligibility. With this in mind we would like to provide a brief explanation of the current eligibility requirements.
There is no one age at which everyone becomes eligible for Social Security. People who were born prior to 1955 reach the age of full Social Security eligibility they celebrate their 66th birthdays. Full eligibility age then graduates by two months per year through 1960.
So if you were born in 1955 your full retirement age is 66 years and two months; if you were born in 1956 your retirement age is 66 years and four months, and so on. Full retirement age in a Social Security eligibility context for individuals who were born in 1960 and after is 67.
It should be noted that the above information applies to eligibility to receive your full retirement benefit. If you want to, you can retire early and accept a reduced benefit. The youngest age at which you can apply for Social Security is 62.
On the other end of the spectrum you can put off applying for Social Security until you are as old as 70. By doing so you earn delayed retirement credits that will increase your benefit by 8% for every year that you delayed your retirement.
This information is valid as of this writing, but it is important to understand the fact that it is always going to be subject to change.
If you would like to devise a comprehensive plan for the future that takes the limitations of Social Security into account, simply take a moment to arrange for a consultation with an Orange Park retirement planning attorney.