Retirement is a big decision

It is always important to think about your retirement—whether it’s right in front of you or looming on the horizon. When is the right time for you to retire? Choosing when to retire is an important decision, but it is also a personal choice and one you should carefully consider. There is no one-size-fits-all answer. Social Security offers a list of factors to consider in the publication, When to Start Receiving Retirement Benefits, available at www.socialsecurity.gov/pubs.

Social Security provides two top-rated online tools to help you plan for your retirement.  First is the Retirement Estimator, which gives you immediate and personalized retirement benefit estimates. The Retirement Estimator is convenient and secure, and lets you create “what if” scenarios. For instance, you can change your “stop work” dates or expected future earnings to create and compare different retirement options. If you have a few minutes, you have time to check it out at www.socialsecurity.gov/estimator.

Another great tool is your own my Social Security account. Here you can get instant estimates of your future benefits and verify that your earnings history is correct with your own, free my Social Security account. Visit www.socialsecurity.gov/myaccount and join the millions of people who have already created their accounts to help plan for retirement.

You can get Social Security retirement benefits as early as age 62, but if you retire before your full retirement age (currently age 66, but gradually increasing to age 67), your benefits will bereduced, based on your age. If you retire at age 62, your benefit would be about 25 percent lower than what it would be if you waited until you reach full retirement age. Find out your full retirement age by using our Retirement Age Calculator at www.socialsecurity.gov/pubs/ageincrease.htm. You may choose to keep working even beyond your full retirement age. If you do, you can increase your future Social Security benefits—up until age 70.

Applying for Social Security retirement doesn’t have to be an “all or nothing” decision. Whether you want to retire at age 62, your full retirement age, or even later, you can apply when you feel like it. When you’re ready to take that plunge, you can apply online for retirement benefits at www.socialsecurity.gov.

Vonda VanTil is the public affairs specialist for West Michigan.  You can write her c/o Social Security Administration, 3045 Knapp St NE, Grand Rapids MI 49525 or via email at vonda.vantil@ssa.gov