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Located in SARASOTA, FL

– LOOK BELOW for other great Retirement related videos From David Kennon –

1. Three Biggest Retirement Investing MISTAKES –
2. What happens to my Social Security if my spouse passes away? –
3. How do I get half my spouse’s Social Security benefit?

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When should you retire? According to Social Security, the answer to this question involves a number of factors that can impact the amount of benefits you receive in retirement. As a government program that provides financial assistance to retired and disabled Americans, Social Security plays a crucial role in determining the timing of retirement for many individuals.

One important factor to consider when deciding when to retire is your full retirement age (FRA). For individuals born after 1960, the FRA is 67. This means that in order to receive full Social Security benefits, you must wait until you reach the age of 67 before retiring. However, you can choose to retire as early as age 62, but your benefits will be reduced if you do so. On the other hand, if you choose to delay retirement past your FRA, you can receive delayed retirement credits, which will increase your monthly benefit amount.

Another consideration to keep in mind is your lifetime earnings. Social Security benefits are based on your highest 35 years of earnings, so the amount you receive in retirement will depend on how much you earned during your working years. It’s important to have a clear understanding of your earnings history and how it will impact your benefits in retirement.

Health and life expectancy are also factors that can influence when you should retire. If you are in good health and expect to live a long life, it may make sense to delay retirement in order to maximize your Social Security benefits. On the other hand, if you have health concerns or a shorter life expectancy, retiring early may be a more appealing option.

Additionally, your financial situation and other sources of retirement income can impact the timing of your retirement. If you have other sources of income or savings that can support you in retirement, you may have more flexibility in choosing when to retire. It’s important to carefully assess your financial situation and consider how Social Security benefits fit into your overall retirement plan.

Ultimately, the decision of when to retire is a personal one that involves considering a variety of factors. It’s important to carefully evaluate your individual circumstances and weigh the potential impact on your Social Security benefits. If you’re unsure about when to retire, it may be helpful to seek guidance from a financial advisor or Social Security representative to ensure that you make an informed decision. By carefully considering all the factors involved, you can make the best choice for your retirement and your future financial security.