when can i retire if i was born in 1970

View NerdWallet's picks for the best brokers. The site owner may have set restrictions that prevent you from accessing the site. Answering the question When can I retire? involves more than just Social Security, since those checks alone typically wont provide enough for a comfortable retirement. If you were born in 1960 or later, your normal retirement age is 67. For most people, retirement becomes affordable when they can access their superannuation. Analytical cookies are used to understand how visitors interact with the website. The retirement age gradually increases by a few months for every birth year, until it reaches 67 for people born in 1960 and later. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. If you claim your benefits at full retirement age, you will receive your standard Social Security benefit amount. According to Fidelity, in order to maintain a quality of life similar to what you had while working, you should save 10 times your annual income before retiring at age 67. Please note that neither of these calculators should Tiers apply. For those people who were born in 1972, it has just been announced that your retirement age will be increased from 67 to 68. T: +44 (0)1903 231545. age 62 Social Security is like longevity insurance, says Brent Neiser, a Certified Financial Planner and former chair of the Consumer Advisory Board at the Consumer Financial Protection Bureau. However, you may visit "Cookie Settings" to provide a controlled consent. You can find your full retirement age by choosing your birth year in the calculator below, or by using our retirement age chart. On average, Social Security replaces about 40% of late-career earnings for most workers. At what age can you earn unlimited income on Social Security? If you choose to retire at 62, your $1,000 retirement benefit would decrease to $708 a reduction of nearly 30%. Neiser urges those who have not saved enough for retirement to use whatever means possible to postpone their Social Security benefits until after their full retirement age to help boost their future income. Your 62nd birthday has just arrived, and with it came an overwhelming temptation to retire. 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. 2014-10-06 19:36:35. At full retirement age of 66, starting at age 60 is six years early, so the reduction is 28.5% / 6 years = 4.75%/year (or 0.396%/month). NerdWallet, Inc. is an independent publisher and comparison service, not an investment advisor. What sports teams won championships in 1995? Can I retire at 65 if I was born in 1966? This is the age at which you can expect a full, unreduced benefit from Social Security. For this hypothetical American, no matter when they choose to start receiving Social Security benefits, the differences in lifetime total benefits isnt very large. There areongoing reviews of State pension ages and the review that reported back in March 2017 was the one that led to the increase in retirement age from 67 to 68 for those born after 1970. So what is the upside to delaying your Social Security benefit after age 62? Email: