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GOVERNMENT HELP FOR YOUR RETIREMENT

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Table 13.1

When Will You Receive Your Full Benefit?

BirthYear 1937 or earlier

Full Retirement Age 65

1938 1939 1940 1941 1942 1943-1954 1955 1956 1957 1958 1959 1960 or lat

er

65 and 2 months 65 and 4 months 65 and 6 months 65 and 8 months 65 and 10 months 66 66 and 2 months 66 and 4 months 66 and 6 months 66 and 8 months 66 and 10 months 67

If you begin to take your Social Security benefits at age 62, before you hit your full retirement status, your monthly benefits will be less. As mentioned earlier, to take benefits at age 62 when your full retirement age is 65, you will receive approximately 80 percent per month of what you would have received per month if you had waited. If your full retirement age were 67, you would receive about 70 percent of your full benefits by retiring early. This isn’t a punish- ment for workers who wish to receive their benefits early. Rather, it’s the government’s way of evening things out. To give you full benefits at a younger age would give you more money over your lifetime. The government wants to make sure that no one gets more than their “fair share,” so they reduce the amount of benefits you receive when you begin taking benefits before they think you should.

For example, one of my clients retired from her job in one of our local school districts. Although she was taking money from her investments on a monthly basis as an income, she asked me about beginning her Social Security benefits. I told her that since she was 62 she was eligible, but that she wouldn’t receive the same amount

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