Darcy Bergen Discusses Social Security Retirement Age Chart
Darcy Bergen notes that if you’re planning to retire from the workforce, you’ll want to look at the social security retirement age chart. These charts show the benefits you can expect if you decide to delay retirement. While the younger generation may feel pessimistic about receiving benefits, new funds are continuously pouring into the system. Eventually, you’ll be able to start receiving benefits – just maybe not as early or as robustly as you’d like.
Normal retirement age is between 66 and 67
The full retirement age for Social Security benefits depends on your year of birth. If you were born in 1945, you can retire at 66. When you were born in 1956, your retirement age will be gradually raised to 67. If you retire earlier, you’ll receive only 80 percent of the full benefit amount. For those born in 1960 and later, the normal retirement age will be 67.
The normal retirement age for Social Security benefits is between 66 and 67. For those who devoted more than half of their life working in a railroad capacity, the age is 65. However, there are age reductions for spouses who have cared for the employee’s child. If you are a full-time employee, you will have a normal retirement age of between 66 and 67.
For those who were born in 1938, the normal retirement age for Social Security benefits is 65. However, for people born in later years, the full retirement age has increased to 67. Darcy Bergen thinks that the normal retirement age for Social Security is 66 for those who were born between 1943 and 1959 and 67 for those born in 1960 and later. In addition, people born before 1938 and after 1960 are not eligible for early retirement benefits.
Calculating Social Security retirement age, explains Darcy Bergen
The Social Security retirement age chart gives you an estimate of how much you can expect to receive each month once you start collecting benefits. Your monthly benefit depends on your age and work history. The cost of living adjustment may also affect your benefit amount. Consider investing in fixed income products as a way to supplement your Social Security benefit. If you can’t afford to wait until age 62, consider combining your benefits with those from another source.
If you want to start claiming Social Security before age 62, you can expect a reduction of about 30% of your monthly benefit. However, this reduction decreases every year as you get older. Delaying benefits until age 70 can result in a monthly benefit increase of up to 24%. Darcy Bergen thinks that it’s important to consider your financial resources, retirement lifestyle and your expectations for longevity when evaluating whether to delay claiming Social Security benefits. Although some people benefit from waiting until age 70, others may need a guaranteed income sooner.
A simple way to calculate your benefit is to compare the difference in your benefit amount between two different application ages. The SSA website will provide an estimate of your benefit payments based on these two ages. This way, you’ll be able to determine how much money you’ll receive for each year you’re applying for benefits. If you want to see how much money you’ll receive, you can visit the SSA website and enter your social security number. But remember to check your Social Security number and age before you start using this calculator.
Impact of delaying retirement
While delaying your benefits has several benefits, a larger monthly payment will be the most obvious advantage. In addition to an increased starting monthly benefit, delaying your Social Security benefits will mean you can collect even more money throughout your life. Listed below are the benefits that you can expect by delaying your Social Security benefits.
Darcy Bergen points out that the average retirement age has declined in recent decades, in a time of rising life expectancy. As a result, a larger percentage of a typical worker’s life is spent working and retirement. But even with this increase, the retirement age remains relatively static, with many workers continuing to work beyond the normal age of 65.
Another advantage to delaying your Social Security benefits is that you can begin collecting them much earlier than your normal retirement age. However, if you’re going to live a long life, delaying your benefits may be the right choice. You’ll receive larger benefits over a longer period of time and earn delayed retirement credits.