Retiring at 62 can be a good choice if your financial situation is secure, you have health concerns, or you're ready to enjoy your retirement years. However, if you can continue working and delay benefits, you might enjoy a more comfortable retirement later on.
Those facing financial emergencies, such as a layoff or debt, may benefit from accessing Social Security early. If you retire early and need extra income, Social Security benefits can provide supplemental funds to support your new lifestyle, hobbies or retirement activities.
You can receive Social Security retirement benefits as early as age 62. However, we'll reduce your benefit if you start receiving benefits before your full retirement age. For example, if you turn age 62 in 2025, your benefit would be about 30% lower than it would be at your full retirement age of 67.
You're Likely to Live Longer If You Retire After 65.
On average, 63 is the ideal age for retirement according to both retirees and pre-retirees. While current retirees are hitting close to that mark with an average actual retirement age of 62, there are signs that future retirees could have more difficulty retiring at their ideal age.
Retiring in your mid-60s still makes sense for many people. At this point, you are old enough to have hopefully amassed sizable savings, but you are still young enough to enjoy active pursuits such as travel.
Starting in the month you hit your full retirement age, there is no longer an earnings limit. Your benefits will no longer be reduced regardless of how much income you have. The earnings limit specifically applies to earnings from wages or self-employment.
Legal Definition of a Senior in California
The legal age of a senior is defined by the California Civil Code CIV § 51.11. In this legal document it states ” “Qualifying resident” or “senior citizen” means a person 62 years of age or older, or 55 years of age or older in a senior citizen housing development.”
If a member is qualified, the amount of monthly pension will be the highest result of the following formula: 300 + (20% x AMSC*) + (2% x AMSC) x (CYS** – 10); or. 40% x AMSC; or. Minimum pension (P1,200 if with at least 10 CYS or P2,400 if with at least 20 CYS).
Assuming your full retirement age is 67, if you file for those retirement benefits at 62, you'll receive around 70% of your full retirement age benefit amount. If you file for disability and are awarded those benefits, the amount that you would receive would be 100% of your full retirement age benefit, even at 62.
If your spouse dies, do you get both Social Security benefits? You cannot claim your deceased spouse's benefits in addition to your own retirement benefits. Social Security only will pay one—survivor or retirement. If you qualify for both survivor and retirement benefits, you will receive whichever amount is higher.
There's nothing wrong with that! But plenty of people are. If you're living debt-free, or close to it, and you've already got plenty of assets that can be used for your retirement income, there's no reason to delay your retirement any longer than you need to.
Age 62. You may now start claiming your Social Security at 62.
It's never too late to start saving money you will use in retirement. However, the older you get, the more constraints—like required minimum distributions (RMDs)—will limit your options. The good news is many people have much more time than they think.
Official definitions
The United Nations, for example, considers old age to be 60 years or older. In contrast, a 2001 joint report by the U.S. National Institute on Aging and the World Health Organization [WHO] Regional Office for Africa set the beginning of old age in Sub-Saharan Africa at 50.
An individual resident who is 60 years or above in age but less than 80 years at any time during the previous year is considered as Senior Citizen for Income Tax purposes.
The National Institute on Aging generally describes older adults as people age 65 or older, however, definitions of older adulthood vary. When an official or organization uses one of these terms, ask for specifics.
You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits only when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.
Here's how the maximum Social Security retirement benefit breaks down in 2024: Retired at earliest retirement age (62): $2,710 per month. Retired at full retirement age: $3,822 per month. Retired at age 70: $4,873 per month.
If You Stop Work Between Age 62 and Your Full Retirement Age
You can stop working before your full retirement age and receive reduced benefits. The earliest age you can start receiving retirement benefits is age 62. If you file for benefits when you reach full retirement age, you will receive full retirement benefits.
66-67 – Depending on your year of birth, your Full Retirement Age (FRA) will be between 66 and 67.
While those scenarios may lead to a person pushing retirement to later in the year, on the flip side, many choose to retire in January if they will be withdrawing money out of retirement accounts. This is especially true if this retirement revenue stream will be considered taxable income.
Conclusions. We did not find an association between early retirement, compared with continued work participation, and mortality. On-time retirement, compared with working beyond retirement, was associated with a higher risk of mortality.