When to Retire
Choosing when to retire is one of the most important decisions you will make in your lifetime. If you choose to retire when you reach full retirement age, you will receive your full retirement benefits. But if you retire before reaching full retirement age, you will receive reduced benefits for the rest of your life.
If you work past your full retirement age, you will get full retirement benefits no matter how much you earn. If you continue to work and decide not to collect your retirement benefits until you reach the age of 70, you will get higher benefits when you retire. If you opt not to collect retirement benefits before you reach full retirement age, you must file for Medicare Insurance when you reach age 65. If you do not, you may have to pay a higher premium when you file later.
Social Security Statement
Indeed, retirement is important for employees like you since it determines how much benefits you are to gain. You definitely need to evaluate every possible option prior to finally deciding on your retirement. One step that can surely help you plan for your retirement is the annual checking of your social security statement which gives you an estimate of the monthly benefits that you and your family may qualify for now and in the future. When you review your statement you may want as well to explore a variety of retirement scenarios using a range of assumptions about your future earnings or when you stop working.
Employment after Retirement
You can continue to work even after reaching full retirement age and still receive retirement benefits. Your earnings in (or after) the month you reach full retirement age will not reduce your Social Security benefits. However, your benefits will be reduced if your earnings exceed certain limits for the months before you reach your full retirement age.
Once you reach full retirement age, you can keep on working and your Social Security benefit will not be reduced no matter how much you earn. For more information about how work affects your benefits, contact your Los Angeles Retirement Benefit Attorney .
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