Sentences with phrase «for early retirement benefits»

Will I be able to file for early retirement benefits on the smaller payout, then change to the larger at full retirement age using the divorced spousal filing for one of the times?

Those who turn 62 and are therefore first eligible for early retirement benefits from Social Security in 2018 will have a retirement age of 66 and four months, with the age rising two months every year until hitting 67 for those born in 1960 or later.

Not exact matches

Claiming Social Security retirement benefits at the earliest age — 62 — is a big temptation for many aspiring retirees.

Here's how it works: The higher - earning (first) spouse files for benefits at full retirement age, enabling the other to file for spousal benefits as early as age 62 — which, again, amounts to half of what the first spouse is entitled to.

«Gaps are certainly of special concern to those considering early retirement, since they are eligible for Social Security benefits at 62, but must wait until age 65 to receive Medicare,» said Kimberley Foss, a certified financial planner and founder of Empyrion Wealth Management.

Incentives for early and late retirement will be modified to decrease the attractiveness of early retirement and increase the attractiveness of late retirement; phased retirement will be facilitated by allowing people to collect benefits while contributing and earning new claims on CPP retirement benefits; and the number of years of low earnings that can be deducted from the calculation of a CPP retirement benefit will be increased.

For example, my full retirement age is 67 and if I claim at age 62, the earliest age at which I can file for Social Security benefits, my benefit will be equivalent to 70 % of my full retirement age benefFor example, my full retirement age is 67 and if I claim at age 62, the earliest age at which I can file for Social Security benefits, my benefit will be equivalent to 70 % of my full retirement age beneffor Social Security benefits, my benefit will be equivalent to 70 % of my full retirement age benefit.

Higher full retirement ages mean larger penalties for taking benefits early and lower bonuses for waiting longer.

The calculation decreases or increases benefits by a fixed percentage for every month you claim early or late, so people with a lower full retirement age will get more in benefits as a percentage of their full retirement benefit if they claim earlier or later than someone with a higher full retirement age.

thanks, and yes, a pittance of a pension and regular checkups keep us on budget and head off any problems — best decision i ever made (financial or otherwise) was serving our country doing search - and - rescue, oil and chemical spill remediation, etc. (you can guess the branch of service)-- along the way, frugal living, along with dollar - cost averaging, asset allocation, and diversification allowed us to retire early — Vanguard has been very good over the years, despite the Dot Bomb, 2002, and the recession (where we actually came out better with a modest but bargain retirement home purchase)... it's not easy building additional «legs» on a retirement platform, but now that we're here, cash, real estate, investments and insurance products, along with a small pension all help to avoid any real dependence on social security (we won't even need it at full retirement age)-- however, like nearly everybody, we're headed for Medicare in several years, albeit with a nice supplemental and pharmacy benefits — but our main concern is staying fit, active, and healthy!

If your budget for early retirement includes working part - time and getting Social Security benefits, you could take an unexpected financial hit.

The BLS observes «The leading edge of the baby boomers (those born in 1946) became eligible for early Social Security benefits at age 62 in 2008 and reached full retirement age at 66 in 2012.

In exchange for the ability to fund these early - retirement adventures, many retirees are willing to accept a potentially smaller lifetime benefit, even if it also means accepting a declining standard of living in their later years.

If a person receives widow's or widower's benefits, and will qualify for a retirement benefit that's more than their survivors benefit, they can switch to their own retirement benefit as early as age 62 or as late as age 70.

If your widow or widower qualifies for retirement benefits on his or her own record, they can switch to their own retirement benefit as early as age 62.

If your surviving divorced spouse qualifies for retirement benefits on their own record they can switch to their own retirement benefit as early as age 62.

If you qualify for Social Security, you can claim your benefits as early as age 62, but you won't get 100 % of the benefit you're entitled to unless you wait to claim until you reach your full retirement age.

If you're looking for a lower - key, less - costly retirement, taking your benefits early — and receiving smaller Social Security payments — might make sense.

How much you've saved for retirement will play a key role in how early you should take your Social Security benefits.

While your spouse could file for spousal benefits as early as age 62, he or she will get the maximum amount only if you both wait until your full retirement ages before claiming benefits.

You'll face a penalty if you continue to work after you claim early retirement benefits and earn more than the yearly earnings limit, which for 2018 is $ 17,040.

Here is the bottom line as far as I can see: IF you are self - employed when filing for early retirement, and *** if, on your application, you are asked how many hours you work *** (and I would like to hear from anybody here who has actually filed for benefits before their Full Retirement Age) and IF you work more than the allowable hours to be considered «retired» (again, I believe it's no more than 45 for most people but no more than 15 if you work at an occupation requiring a «specific skill» or own a large business),

Our estimate is sensitive to penalties for early retirement and credits for delaying claiming Social Security benefits.

Every bit you save now means you're that much closer to retiring early — and the best part is that most retirement accounts offer tax benefits as an incentive to help you save for the future.

The company also noted that it will provide early retirement benefits and severance packages for affected employees.

And Cuomo is once again pushing for a new benefit tier for future state employees, that would up the retirement age to 65, end early retirements, and for the first time, offer 401k's, modeled on the TIAA CREF system which State University employees are already enrolled in.

Vesting periods change benefits for early - career workers, but they should not materially affect later - career retirement decisions.

Benefit rates are fairly similar through the early 50s, but the spike at age 55 (when Ohio teachers become eligible for early retirement) is significantly greater for men than it is for women.

Defined benefit plans offer very little to early - career workers, jump in value a bit when employees «vest» into the system and qualify for a minimum pension, and then increase steeply as employees near retirement.

No such annuity shall provide for more than the total difference in retirement income between the retirement benefit based on average monthly compensation and creditable service as of the member's early retirement date and the early retirement benefit.

No such annuity may provide for more than the total difference in retirement income between the retirement benefit based on average monthly compensation and creditable service as of the member's early retirement date and the early retirement benefit.

They can also opt for a $ 25,000 buyout or early retirement with full benefits if they have 20 or more years of service.

If the vast majority of workers remained in one pension plan for the life of their career, the back - loaded nature of defined benefits would create some perverse incentives around the normal retirement age (where pension wealth comes to a steep spike), but it wouldn't matter that the employee was accumulating very little early in their career.

In addition, the state's timetable for early retirement with reduced benefits is based on years of service, causing unequal treatment.

If retirement at an earlier age is offered to some teachers, benefits should be reduced accordingly to compensate for the longer duration they will be awarded.

As early as October 2013, Lembo's office — which administers the health care benefits for retired state workers and their dependents — warned the governor of a likely surge in costs in the 2014 - 15 fiscal year, largely because of an anticipated jump in retirements among prison guards.

But I'd say the higher priority should be getting money into a tax - advantaged retirement account (a 401 (k) / 403 (b) / IRA), because the tax - advantaged growth of those accounts makes their long - term return far greater than whatever you're paying on your mortgage, and they provide more benefit (tax - advantaged growth) the earlier you invest in them, so doing that now instead of paying off the house quicker is probably going to be better for you financially, even if it doesn't provide the emotional payoff.

Calculating an early or late retirement factor is required to adjust benefits for another age.

Working part time for five or ten years can permit you to gain most of the advantages of retirement even earlier, especially if it comes with health care benefits.

For example, if you take your retirement benefit 3 years early, the benefit will be 80 % of the amount it otherwise would have been, not just for those three years, but for the rest of your liFor example, if you take your retirement benefit 3 years early, the benefit will be 80 % of the amount it otherwise would have been, not just for those three years, but for the rest of your lifor those three years, but for the rest of your lifor the rest of your life.

In short, if you are concerned about the penalties imposed by retirement accounts on early withdrawals, forgo the benefits of these accounts and put your retirement money elsewhere where there is no penalty for instant access.

Adding up the components of retirement income, for the first five years of retirement and assuming no early start to Canada Pension Plan benefits for Larry, they would have Emily's take - home salary, $ 5,233 per month and Larry's bridged pension, $ 5,890 per month.

For example, if you take early retirement, your benefit will be a reduced percentage of your PIA.

You can file for benefits as early as age 62, but your payments will be reduced if you claim them before full retirement age, which is 66 for people born between 1943 and 1954.

The break - even point for starting benefits early or late, as opposed to starting them when you reach your full retirement age, depends on when you decide to begin receiving benefits:

If a person receives widow's or widower's benefits, and will qualify for a retirement benefit that's more than their survivors benefit, they can switch to their own retirement benefit as early as age 62 or as late as age 70.

If the benefits start at an earlier age, they are reduced a fraction of a percent for each month before full retirement age.

You could get the one - time benefit of pulling money out at a low rate, but then you're going to have non-registered investments that grow more slowly due to the tax drag than registered ones — and if you expect to be in a low bracket at retirement anyway (or for several more years as your disability takes time to resolve), then taking the money out early is of no real benefit to you.

According to the study, it is usually optimal for a wife to claim her own early retirement benefits because wives typically earn less than their husbands but also usually outlive them, and once the husband dies, the wife is entitled to his benefit as a widow.

If your budget for early retirement includes working part - time and getting Social Security benefits, you could take an unexpected financial hit.