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When can I retire if I was born in 1957?

By on March 11, 2021 0

If you were born in 1957, your full retirement age is 66 years and 6 months.

People born in 1957 could start receiving reduced social security benefits as early as 2019, at the age of 62. Eligibility for full pension benefits begins in 2023, while the wait until 2027 results in the largest benefit.

If you were born in 1957, here’s what you need to know about Social Security:

  • Your Social Security benefit will be permanently reduced by 27.5% if you start at 62 instead of waiting for your full retirement age. And continuing to work would reduce what you would get even more. Your checks will be reduced by $ 1 for every $ 2 you earn over the income limit ($ 17,640 in 2019).

  • From 66 months and 6 months, this means that you will receive 100% of your benefits and that the remuneration criterion no longer applies.

  • You can get even more by delaying the full retirement age. Benefits increase by 8% per year, or two-thirds of 1% for each month of delay, until benefits reach a maximum of 70.

Social security for people born in 1957

* Based on a monthly benefit of $ 2,000

Delay is generally beneficial

The highest income in a married couple should delay as long as possible, as this is the check the survivor will have to live on when the first spouse dies. Delaying at least until full retirement age makes sense for most people, the researchers say, because the majority will live past the “breakeven point” age when checks larger than ‘they get in the meantime more than make up for the smaller checks which they forfeit in the meantime. (Life expectancy at age 65 is 84 years for men and 86.5 years for women, and there is a 50% chance that at least one spouse of a married couple will live beyond 92 years old.)

Higher Social Security checks are a kind of longevity insurance because the longer you live, the more likely you are to deplete your savings.

You don’t have to claim social security at the same time you retire

You can apply for social security before or after you retire – the decisions don’t have to be simultaneous. Financial advisers often recommend that people dip into their retirement savings if it allows them to defer the claim. If you are not enrolled in Social Security by age 65, you will not automatically be enrolled in Medicare, so you will need to remember to register yourself.

How much more income will you need?

Answer the question of “When can I retire?”Requires more than knowing how much Social Security you will get, because Social Security alone is not enough for most people to have a comfortable retirement.

For most workers, social security will replace on average 40% of their end-of-career income. Most people will need savings or a pension to supplement what they receive from Social Security.

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