Choosing when to retire is an important decision, but it’s also a personal choice and one you should carefully consider.

When’s the best time? There is no one-size-fits-all answer.

Social Security offers a list of factors to consider in When To Start Receiving Retirement Benefits. You’ll learn:

  • How your monthly benefit amount can differ based on the age at which you start receiving benefits;
  • How your decision could affect your family;
  • How you can retire and continue working; and
  • How you can get estimates of your benefit amounts online at Social Security’s website, www.socialsecurity.gov.

The Social Security website offers several tools to help you plan for your retirement, including an online Retirement Estimator to get immediate and personalized retirement benefit estimates. The estimator is a convenient and secure financial planning tool, allowing you to create “what if” scenarios. For instance, you can change your “stop work” dates or expected future earnings to create and compare different retirement options. Then when you’re ready, you can apply online for your retirement benefits.

 

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