Did you know?
This is the last year that full retirement age will be 66 years old. Each year going forward, the full retirement age will lengthen slightly. For instance:
However, you are NOT required to begin taking benefits upon reaching full retirement age. Each year that you do not withdraw the benefits, the percentage will increase.
For instance, let’s say someone born in 1954 is reaching 66 years of age this year, 2020.
If that person was to begin collecting benefits, he or she would receive 100%. However, if that same person decided to wait until age 70 to collect benefits, he/she would receive 132% of his/her benefits.
This can be quite helpful with planning for the future, especially for those individuals who still prefer to work past age 66.
If you’d like more information regarding planning for your social security benefits, don’t hesitate to reach out to me.