Social Security Retirement benifits by year of birth

In visiting with several clients recently about their retirement and helping them plan for it, they have asked about their social security benefits and when they will begin. I have attached the above link to show what ages you can start receiving SS benefits. You can begin getting benefits at age 62 but they are reduced based on your age anywhere from 20% to 30%. Look at the SS site and your year of birth to find out the age you can retire and maximize your SS benefits. If maximizing those benefits is not a concern you could retire earlier.

My additional suggestion is to contribute to your 401k if your employer offers one and then look at additional retirement plans such as a Roth IRA through our office. Whatever your employer offers as a match put that full amount in. If they match 1% put in 1%, if they match 3% put in 3% (that would give you a 100% return based on the employer matching the amount you put in and that's really hard to beat!). After that match is complete then venture out to the Roth IRA with us. With the laws that apply to the Roth IRA still in place, withdrawal of this money will be tax free when you begin retirement withdrawals from it.

If your self employed or your employer does not offer retirement plans then let's start with a Roth IRA. Come see me soon!