• Question
  • concerning retirement

    Asked by someone from Marks, MS on 6/2/2015

    if I want to retire at the age of 62 would I be able to get the full benefit

  •  
  • Categories: When to Retire, Retirement Planning

Answers

  • Steve 

    Steve 
    NewRetirement

    San Francisco, CA

    Get a FREE phone consultation
    with an advisor. Learn more...
  • In general the longer you delay claiming most retirement benefits the greater the monthly or annual benefit amount you will get since the assumption is that total benefit will be delivered over a shorter time, since the expectation is that you will have a shorter life expectancy.

    For example:
    Social Security
    - Age 62 the average benefit is ~ $1,000 / month
    - Age 66 (sample Full Retirement Age) - the average benefit is ~ 30% higher
    - Age 70 (Maximum Retirement Age) - - the average benefit is ~ 75% higher
    https://www.newretirement.com/Services/Social_Security_Start_Age_Calculator.aspx
    http://www.newretirement.com/Services/Social-Security-Benefits.aspx

    Reverse Mortgage: the older you are the greater the % of your home equity you can borrow against and the higher the potential benefit.
    https://www.newretirement.com/Services/Reverse_Mortgage_Calculator.aspx

    Annuities: the older you are the more money you'll get per dollar invested
    https://www.newretirement.com/Services/Annuity_Calculator.aspx

    Life Settlements: the older you are the more value you can get from selling your life insurance
    https://www.newretirement.com/Services/Life-Settlement.aspx


  • Login to rate this answer:   Answered on 6/2/2015
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.