Even given what might happen in regard to the nation’s deficit, Social Security on average is the largest source of income for most Americans. Certain circumstances could jeopardize that income.
Best Time to Retire?
When will you receive your Social Security benefits? When is the best time to retire? The answers depend on when you were born and your own Estate Planning. Your Social Security Benefits Statement can show you benefits by the year in which you were born and other factors.
Currently, you can retire any time after you reach age 62, which is considered early retirement.
Work during Early Retirement
A more complicated question has to do with choosing to work after beginning to collect Social Security payments. Your benefits will be reduced for each month before your full retirement age if you start receiving them early and choose to keep working. If you retire early, this can have a dramatic effect on the level of benefits you will receive if you return to work. That’s the bad news.
The good news is that when you finally reach full retirement age, there are no limitations on what you can earn without affecting your benefit amount. Unsworth LaPlante, PLLC can help those in Vermont to consider individual situations.