Remember, the earliest a person can start receiving Social Security retirement benefits will remain age 62.
If you start receiving retirement benefits at: age 62, you will get 70 percent of the monthly benefit because you will be getting benefits for an additional 60 months.
Can you retire at 55?
If You Retire Early, Retire Safely
But if you can get everything working in the same direction, you will be able to retire at 55 or sooner. Just remember that preparing for early retirement is a long-term process. Realistically, you’ll need at least 20 or 30 years to make it work.
What is the full retirement age in 2019?
For those who turned 62 in 2018, full retirement age is 66 and four months. But for those who turn 62 in 2019, full retirement age is 66 and six months. Under current law, retirement age is set to increase by two months each year until it hits 67.
Can you collect Social Security at 62 and still work?
Remember that although your full retirement age might be 67, you can start receiving benefits at 62, even if you’re still working. But there’s a catch: If you elect to receive benefits prior to full retirement age, you can only earn up to $17,640 (the limit for 2019).
Can you retire at 60?
It will decrease when you retire at 60. Your pension will kick in at 60 and you may choose to draw some income off of your investments as well. That, too, will increase income for your household. At your age 67, your income will increase if you choose to take your Social Security at full retirement age.