Can I retire at 62 if I was born in 1958?

Can I retire at 62 if I was born in 1958?

If you were born in 1958 your full retirement age is 66 and 8 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.

What is the penalty for taking Social Security early?

In the case of early retirement, a benefit is reduced 5/9 of one percent for each month before normal retirement age, up to 36 months. If the number of months exceeds 36, then the benefit is further reduced 5/12 of one percent per month.

How do you survive financially in retirement?

1. Minimize Your Fixed Expenses.
2. Maximize your Social Security Benefits.
3. Consider Some Guaranteed Income.
4. Have a Retirement Spending Plan.
5. Don’t Ignore Tax Planning.
6. Remember Inflation.
7. Make Healthier Choices.
8. Work Just a Little Longer.

What are the five stages of retirement?

The 5 Stages of Retirement Everyone Will Go Through

• First Stage: Pre-Retirement. The stage before you actually retire involves imagining your new life and planning for it.
• Second Stage: Full Retirement.
• Third Stage: Disenchantment.
• Fourth Stage: Reorientation.
• Fifth Stage: Reconciliation & Stability.

What is the best age to retire for a woman?

Going through the variables by age, the ideal retirement age is between 41-45 years old. If you love your job, then the ideal age range to retire is between 46-60 years old. In each case, just make sure to have at least 20X of your annual income saved up before you leave work.

Where should retirees put their money?

Here are 10 other ways for retirees to obtain reliable income while keeping risk in check.

• Immediate Fixed Annuities.
• Systematic Withdrawals.
• Bonds.
• Dividend-Paying Stocks.
• Life Insurance.
• Home Equity.
• Income-Producing Property.
• Real Estate Investment Trusts (REITs)