Most people dream of the day when they can leave their job in the past and enjoy their life in retirement. Reaching this goal is easier said than done but with the right plan, you’ll be well on your way to making it happen. While many people work until they reach the full Social Security benefit retirement age, this doesn’t hold true across the board. Retirement ages differ by demographic, so let’s take a closer look at what’s happening throughout the country and find out how to make the best personal decision on when to retire.
When Does the Social Security Administration Say You Should Retire?
The Social Security Administration defines full retirement age as “the age at which a person may first become entitled to full or unreduced retirement benefits.” If you collect benefits before reaching your full retirement age, you won’t receive as much as you would if you wait. For example, if you were born after 1937, your full retirement age may be 65.
However, you can begin to take reduced benefits at age 62. The Social Security Administration doesn’t tell you when to retire, but it does provide guidance on the ages you can receive reduced and full benefits.