{"id":40521,"date":"2021-02-19T14:41:16","date_gmt":"2021-02-19T19:41:16","guid":{"rendered":"https:\/\/ilgfinancial.com\/staging\/2370\/newstaging\/?p=40521"},"modified":"2022-05-24T21:50:18","modified_gmt":"2022-05-25T01:50:18","slug":"retirement-should-you-take-it-early-or-late-or-just-on-time","status":"publish","type":"post","link":"https:\/\/ilgfinancial.com\/staging\/2370\/retirement-should-you-take-it-early-or-late-or-just-on-time\/","title":{"rendered":"Retirement \u2013 Should You Take It Early or Late or Just on Time?"},"content":{"rendered":"<p><img decoding=\"async\" class=\"wp-image-41927 alignright\" src=\"https:\/\/ilgfinancial.com\/staging\/2370\/wp-content\/uploads\/2021\/02\/do-it-now-vs-do-it-later-phrase-on-wooden-blocks-2021-09-03-18-01-31-utc-1024x538.jpg\" alt=\"\" width=\"502\" height=\"264\" srcset=\"https:\/\/ilgfinancial.com\/staging\/2370\/wp-content\/uploads\/2021\/02\/do-it-now-vs-do-it-later-phrase-on-wooden-blocks-2021-09-03-18-01-31-utc-200x105.jpg 200w, https:\/\/ilgfinancial.com\/staging\/2370\/wp-content\/uploads\/2021\/02\/do-it-now-vs-do-it-later-phrase-on-wooden-blocks-2021-09-03-18-01-31-utc-300x158.jpg 300w, https:\/\/ilgfinancial.com\/staging\/2370\/wp-content\/uploads\/2021\/02\/do-it-now-vs-do-it-later-phrase-on-wooden-blocks-2021-09-03-18-01-31-utc-400x210.jpg 400w, https:\/\/ilgfinancial.com\/staging\/2370\/wp-content\/uploads\/2021\/02\/do-it-now-vs-do-it-later-phrase-on-wooden-blocks-2021-09-03-18-01-31-utc-600x315.jpg 600w, https:\/\/ilgfinancial.com\/staging\/2370\/wp-content\/uploads\/2021\/02\/do-it-now-vs-do-it-later-phrase-on-wooden-blocks-2021-09-03-18-01-31-utc-768x404.jpg 768w, https:\/\/ilgfinancial.com\/staging\/2370\/wp-content\/uploads\/2021\/02\/do-it-now-vs-do-it-later-phrase-on-wooden-blocks-2021-09-03-18-01-31-utc-800x421.jpg 800w, https:\/\/ilgfinancial.com\/staging\/2370\/wp-content\/uploads\/2021\/02\/do-it-now-vs-do-it-later-phrase-on-wooden-blocks-2021-09-03-18-01-31-utc-1024x538.jpg 1024w, https:\/\/ilgfinancial.com\/staging\/2370\/wp-content\/uploads\/2021\/02\/do-it-now-vs-do-it-later-phrase-on-wooden-blocks-2021-09-03-18-01-31-utc.jpg 1027w\" sizes=\"(max-width: 502px) 100vw, 502px\" \/>Imagine if Goldilocks was planning her retirement: \u201cthis date is too early\u201d and \u201cthis date is too late\u201d but \u201cthis date is just right\u201d!<\/p>\n<p>Sweet retirement can\u2019t come soon enough for some of us, but it\u2019s important to know precisely when you should retire. When planning for retirement, understand that the amount of your retirement benefits depends on your age at retirement.<\/p>\n<p><strong>Too Early!<\/strong><\/p>\n<p>If you begin receiving benefits before your\u00a0full retirement age, you\u2019ll receive reduced benefits. You can retire as early as age 62, but this may result in a reduction of as much as 30%.<\/p>\n<p>When you choose to retire early, the benefit is reduced 5\/9 of 1% for each month before normal retirement age, up to 36 months. If the number of months exceeds 36, then the benefit is further reduced 5\/12 of 1% per month.<\/p>\n<p><strong>Too Late!<\/strong><\/p>\n<p>Starting to receive benefits after the normal retirement age may result in larger benefits. With\u00a0delayed retirement credits, you can receive your largest benefit by retiring at age 70.<\/p>\n<p>Delayed retirement credit\u00a0is generally given for retirement after the normal retirement age. To receive full credit, you must be\u00a0insured\u00a0at your normal retirement age. No credit is given after age 69. If you retire before age 70, some of your delayed retirement credits will not be applied until the January after you start benefits.\u00a0 Delayed retirement credits increase a retiree&#8217;s benefits:<\/p>\n<table width=\"78%\">\n<tbody>\n<tr>\n<td colspan=\"2\" width=\"100%\"><span style=\"color: #ffffff;\"><strong>Delayed retirement credit<\/strong><\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"47%\"><span style=\"color: #ffffff;\"><strong>Year of birth<\/strong><\/span><\/td>\n<td><span style=\"color: #ffffff;\"><strong>Credit per year<\/strong><\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"47%\"><span style=\"color: #ffffff;\">1917-24<\/span><\/td>\n<td><span style=\"color: #ffffff;\">3.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"47%\"><span style=\"color: #ffffff;\">1925-26<\/span><\/td>\n<td><span style=\"color: #ffffff;\">3.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"47%\"><span style=\"color: #ffffff;\">1927-28<\/span><\/td>\n<td><span style=\"color: #ffffff;\">4.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"47%\"><span style=\"color: #ffffff;\">1929-30<\/span><\/td>\n<td><span style=\"color: #ffffff;\">4.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"47%\"><span style=\"color: #ffffff;\">1931-32<\/span><\/td>\n<td><span style=\"color: #ffffff;\">5.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"47%\"><span style=\"color: #ffffff;\">1933-34<\/span><\/td>\n<td><span style=\"color: #ffffff;\">5.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"47%\"><span style=\"color: #ffffff;\">1935-36<\/span><\/td>\n<td><span style=\"color: #ffffff;\">6.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"47%\"><span style=\"color: #ffffff;\">1937-38<\/span><\/td>\n<td><span style=\"color: #ffffff;\">6.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"47%\"><span style=\"color: #ffffff;\">1939-40<\/span><\/td>\n<td><span style=\"color: #ffffff;\">7.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"47%\"><span style=\"color: #ffffff;\">1941-42<\/span><\/td>\n<td><span style=\"color: #ffffff;\">7.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"47%\"><span style=\"color: #ffffff;\">1943 and later<\/span><\/td>\n<td><span style=\"color: #ffffff;\">8.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" width=\"100%\"><span style=\"color: #ffffff;\"><em>Note: Persons born on January 1 of any year should refer to the previous year\u2019s credit percentage.<\/em><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><strong>Just Right!<\/strong><\/p>\n<p>SSA.gov provides a <a href=\"https:\/\/www.ssa.gov\/OACT\/quickcalc\/early_late.html#calculator\">calculator<\/a> where you can learn the effect of early or delayed retirement as a percentage of your primary insurance amount. If you choose a month and year for which you\u2019d like to begin receiving benefits, the calculator will advise you on what you can expect.<\/p>\n<p><strong><em>For example, if you\u2019re too early:<\/em><\/strong> \u201cYou choose to receive benefits 36 months before you reach your normal retirement age.\u00a0 Your benefit will be 80% of your primary insurance amount.\u201d <strong><em>If you\u2019re too late:<\/em><\/strong> \u201cYou choose to receive benefits 24 months after you reach your normal retirement age.\u00a0 Your benefit will be 116% of your primary insurance amount.\u201d <strong><em>And if you\u2019re just right:<\/em><\/strong> \u201cYou choose to receive benefits when you reach your normal retirement age.\u00a0 Your benefit will be 100% of your primary insurance amount.\u201d<\/p>\n<p>Retirement planning means much more than just stashing money under the mattress until you\u2019re ready to spend. We have strategies that will help you decide how much to save and what you need to do. Contact us today at (540) 720-5656, and together we can determine the right time for you to begin living your retirement dream.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Imagine if Goldilocks was planning her retirement: \u201cthis date is too early\u201d and \u201cthis date is too late\u201d but \u201cthis date is just right\u201d! Sweet retirement can\u2019t come soon enough for some of us, but it\u2019s important to know precisely when you should retire. When planning for retirement, understand that the amount of your retirement benefits depends on your age at retirement. Too Early! If you begin receiving benefits before your\u00a0full retirement age, you\u2019ll receive reduced benefits. You can retire as early as age 62, but this may result in a reduction of as much as 30%. When you choose to retire early, the benefit is reduced 5\/9 of 1% for each month before normal retirement age, up to 36 months. If the number of months exceeds 36, then the  [&#8230;]<\/p>\n","protected":false},"author":48,"featured_media":41927,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[3259],"tags":[],"class_list":["post-40521","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retirement-planning-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Retirement \u2013 Should You Take It Early or Late or Just on Time? - ILG Financial<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ilgfinancial.com\/retirement-should-you-take-it-early-or-late-or-just-on-time\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Retirement \u2013 Should You Take It Early or Late or Just on Time? - ILG Financial\" \/>\n<meta property=\"og:description\" content=\"Imagine if Goldilocks was planning her retirement: \u201cthis date is too early\u201d and \u201cthis date is too late\u201d but \u201cthis date is just right\u201d! Sweet retirement can\u2019t come soon enough for some of us, but it\u2019s important to know precisely when you should retire. When planning for retirement, understand that the amount of your retirement benefits depends on your age at retirement. Too Early! If you begin receiving benefits before your\u00a0full retirement age, you\u2019ll receive reduced benefits. You can retire as early as age 62, but this may result in a reduction of as much as 30%. When you choose to retire early, the benefit is reduced 5\/9 of 1% for each month before normal retirement age, up to 36 months. 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