Retirement age increasing (55, social security, state, retirees)
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The thread title is misleading. The post has nothing to do with the age of retirees increasing, but instead deals with the difference in monetary benefits if you retire earlier than the government standard.
if you look at the first two columns - column 1 is your year of birth and column 2 is the full retirement age. The later you are born the later the retirement age is. For people born in 1960 or later, retirement age is 67.
How does this compare to life expectancy? Even if the average age of retirement is increasing, aren't people living longer too? Doesn't it make sense to work longer if you are living long as well?
if you look at the first two columns - column 1 is your year of birth and column 2 is the full retirement age. The later you are born the later the retirement age is. For people born in 1960 or later, retirement age is 67.
Don't you get annual statements from SS ?
I get one every December and it's clearly stated on there for 62, 65 and full retirement age.
nope, not new news. I was thinking about when I can retire and decided to look it up. I have a longggg way to go...
Not to be negative, but if anyone is counting on social security for their retirement, plan on working until you croak. You can retire when YOU have saved enough to retire.
Not to be negative, but if anyone is counting on social security for their retirement, plan on working until you croak. You can retire when YOU have saved enough to retire.
While I agree that counting on Social Security alone is a very poor retirement plan, there is nothing wrong with the orginal poster looking up the details of Soc. Sec. benefits as one part of retirement planning. Indeed, the age at which one retires is one rational factor in such planning, for reasons of Social Security and for other reasons too.
How does this compare to life expectancy? Even if the average age of retirement is increasing, aren't people living longer too? Doesn't it make sense to work longer if you are living long as well?
I don't think so. I think it makes sense to retire when you can and you're fed up with working. That's what we did and neither of us has any regrets.
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