What is the impact of retirement age on Social Security benefits?

What is the impact of retirement age on Social Security benefits?

The retirement age significantly affects Social Security benefits. If you retire early, your benefits may be reduced, while delaying retirement can increase your monthly payments.

How much can my benefits increase if I delay retirement?

For each year you delay retirement past your full retirement age, your benefits can increase by about 8% until you reach age 70.

What is the full retirement age for Social Security?

The full retirement age varies depending on your birth year. For those born in 1960 or later, it is 67 years old.

Are there any penalties for retiring early?

Yes, if you retire before your full retirement age, your benefits will be reduced by a certain percentage for each month you retire early.

Can I still work while receiving Social Security benefits?

Yes, you can work while receiving benefits, but if you are under full retirement age, your benefits may be reduced if you earn above a certain threshold.