Sentences with phrase «years after your full retirement age»

Every year after that you lose another $ 2,400 of your advantage until you reach a break even point, 15 years after your benefits began (or 12 years after your full retirement age).

Waiting to claim on your own record provides delayed retirement credits for each year after full retirement age (FRA).

In fact, «delaying Social Security until age 70 can be beneficial since retirees will receive an 8 % gain every year after full retirement age,» says Carlos Dias Jr., wealth manager at Excel Tax & Wealth Group in Lake Mary, Fla..

For each year after full retirement age that you delay taking benefits, delayed retirement credits increase your monthly benefit amount.

Not exact matches

After that, two months are added to the full retirement age for every year until 1960, when the full retirement age reaches 67.

If you fall into the first category — that is, you won't reach full retirement age until after the current year — you face the stricter form of the earnings test.

If you can delay benefits until after your full retirement age, you receive about an 8 percent increase each year up to 70.

For every year a person waits to receive benefits after reaching full retirement age, the SSA increases his benefit by up to 8 percent through age 69.

Each year after 1954 increases the retirement age by two months until the full retirement age reaches 67 years old if you were born in 1960 or later.

Although full retirement age varies, according to the year in which you were born, anyone born after 1960 can't retire with full benefits until their 67th birthday.

You receive three additional years of benefits (that's 36 more monthly payments than you would have received), but all your payments will be smaller, both before and after full retirement age.

Retiring later also provides the opportunity to get a larger monthly Social Security benefit, because each year a person delays claiming benefits past full retirement age (age 66 for people born between 1943 and 1959; age 67 for people born after) increases the monthly payment by about 8 %.

If you fall into the first category — that is, you won't reach full retirement age until after the current year — you face the stricter form of the earnings test.

After that, two months are added to the full retirement age for every year until 1960, when the full retirement age reaches 67.

Both rules give the same result if your benefits start exactly three years before your full retirement age, because 15 years after the benefits begin is the same as 12 years after you reach full retirement age.

If you begin receiving benefits more than three years before your full retirement age, the break - even point will be about 12 years (144 months) after you reach full retirement age.

Don't let that confuse you: the year you turn 62 determines what percentage applies, but you have to forgo benefits for one or more months after reaching full retirement age (which is 65 or later, depending on when you were born) to qualify for the increased benefit.

In fact, if Bill just wanted to match his current income (after retirement savings) of $ 45,500 a year, he could retire at age 62 — three full years earlier — and take all of his living expenses out of his retirement savings for the first three years, then have a safe withdrawal rate for the next 30 years supplemented with Social Security to «bring home» $ 45,500 a year.

After you reach full retirement age, Social Security hikes monthly payouts by 8 % for each year you hold off on claiming benefits up to age 70.

Claim them after full retirement age, and you get «delayed retirement credits» that can increase your benefits by 8 % per year you wait.

People who qualify for social security retirement benefits can begin receiving those benefits in the month after they reach age 62, or any month after that, even though they won't reach full retirement age for a few more years.

After full retirement age — the monthly benefit increases for every year claiming is delayed, up until age 70.

Look up your full retirement age, which was 65 for many years but has gradually been increased to 67 for people born after 1959.