Retirement Timing
The considered full retirement age is 65. Because of the dynamics of the system, people born in 1960 or later will have a full retirement age of 67 versus the longtime 65 age.
The Social Security Administration provides for people to take money out prior to the full retirement age. A person who has paid in properly or qualifies may start their Social Security retirement early, sometimes as early as 62. At 62 the full retirement benefits will be reduced. If the person who is retiring was born after 1960, they may still collect benefits as early as 62, however, the reduction will obviously be greater than those who have a full retirement age of 65. When disputes arise some people have sought out a personal injury lawyer Phoenix professional.
On the opposite side of the coin, many people near or at the retirement age are electing to continue working. People in this category can still increase their Social Security benefits as:
· The higher earnings may result in higher benefits at retirement, as each additional year a person works adds another year of earnings to their Social Security record.
· A person's benefit will be increased by a certain percentage if she or he delays retirement. These retirement credits may be added from the time the person reaches retirement age until that individual starts taking benefits at an older age like 70.
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