What is the age you should retire?
RICHMOND, Va. (WWBT) - Sixty-two is when you can start claiming social security benefits, but there’s something to be said about waiting for your full retirement benefits.
Your full retirement age is when you are entitled to 100% of the Social Security benefits you’ve earned over your lifetime.
If you apply for benefits before that age - even when you become eligible at age 62, your checks will be permanently reduced.
However, the full retirement age has gradually increased over the years.
For those born between 1943 and 1954, your full retirement age is 66.
After that, the full retirement age increases by two months each year. If you were born in 1960 or later, your full retirement age is 67.
If you delay your application until after your full retirement age, you can qualify for delayed retirement credits that boost your benefit by 8% each year until 70 years old.
While Social Security is facing a shortfall, the system will collect enough to pay at least 75% of promised benefits, and experts say you should be saving your own money in a retirement account to supplement your Social Security earnings.
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