The fact that you’ll get your full Social Security payment at age 66 can make a huge difference, especially if you’re relatively healthy and likely to have an average, or longer-than-average, retirement. Waiting also gives you a few extra years to shore up your tax-advantaged investment accounts.

What are the pros and cons of retirement at different ages?

Here are some of the pluses and minuses of quitting your job at different ages. Early retirement requires a significantly greater nest egg. Catch-up contributions to retirement accounts can help those 50 and older to grow that egg.

What are career goals when nearing Your Retirement phase?

Years ago, retirement was a goal most workers anticipated eagerly. Now, for many employees, retirement is just another step in the career path. According to the AARP, workers over the age of 50 have increased from 20 percent of the workforce six years ago to 31 percent in 2011.

When is the best time to start retirement?

What matters most is the money on hand Early Retirement: Before Age 65. Let’s be honest, leaving your nine-to-five job can have some nice perks. By the time… Normal Retirement: Ages 66 to 70. For many, the upper 60s is the golden mean of retirement timing—you’re old enough to… Late Retirement: …

What happens when you reach full retirement age?

Starting with the month you reach full retirement age, you can get your benefits with no limit on your earnings. Use our Retirement Age Calculator to find your full retirement age based on your date of birth. Use our Retirement Earnings Test Calculator to find out how much your benefits will be reduced.

Is there a limit on how much you can make before full retirement age?

If you will reach full retirement age in 2019, the limit on your earnings for the months before full retirement age is $46,920. Starting with the month you reach full retirement age, you can get your benefits with no limit on your earnings.

What’s the retirement age for someone born in 1955?

If you were born in 1955 your full retirement age is 66 and 2 months. You can start your Social Security retirement benefits as early as age 62, but the benefit amount you receive will be less than your full retirement benefit amount.