Understanding Your Retirement Benefits: What You Need to Know

Know When to Retire

Retirement can be a time of transition and excitement. Planning for retirement is an important step to ensure a secure and comfortable future. One of the most important decisions you'll make is when to retire. The age at which you retire will impact your monthly benefit amount from Social Security and other retirement plans.

Understanding Retirement Ages

There are different retirement ages for different types of retirement plans. For Social Security, the full retirement age is 67 for those born in 1960 or later. However, you can start receiving benefits as early as age 62. Keep in mind that starting benefits early means you'll receive a reduced monthly amount.