Benefits Planner: Retirement 


Other Things to Consider 
What Is The Best Age To Start Your Benefits? The answer is that there is no one " best age " for everyone and, ultimately, it is your choice. You should make an informed decision about when to apply for benefits based on your individual and family circumstances. Your monthly benefit amount can differ substantially based on the age when you start receiving benefits. If you decide to start benefits : before your full retirement age , your benefit will be smaller but you will receive it for a longer period of time. at your full retirement age or later , you will receive a larger monthly benefit for a shorter period of time. The amount you receive when you first get benefits sets the base for the amount you will receive for the rest of your life. You may want to consider the following when you make that decision : If you plan to continue working , there are limits on how much you can earn each year between age 62 and full retirement age and still get all your benefits. Depending on the amount of your benefit and your earnings for the year , you may have to give up some of your benefits. If your earnings will be high , you may decide to wait until full retirement age to start your benefits. Once you reach full retirement age , there is no limit on how much you can earn. Reminders : After you reach full retirement age , we recalculate your benefit amount to give you credit for any months in which you did not receive a benefit because of your earnings. When additional earnings appear on your record , we check whether they will increase your monthly benefit. If they do , we will send you a letter telling you your new benefit amount. You can apply for just Medicare at age 65 and start receiving retirement benefits later. When you think about retirement , be sure to plan for the long term. A man who turned 65 in 2014 can expect to live about another 19.3 years. A woman who turned 65 the same year can expect to live a

user: Is there a benefits planner geared towards retirement?

assistant: Yes there is, are interested in learning more?

user: Yes, I would like to learn things to consider regarding retirement. 

assistant: What age would you consider to be the best to start your benefits?

user: I am not sure what age is best to start considering retirement.

user: What happens to my benefits if I stop working? Will I lose them?

assistant: You will lose your paycheck but you also may lose your employer provided health insurance although there are some exceptions to this.

user: What happens to my benefits if I have additional earnings on my record?

assistant: If you have additional earnings recorded, we will check to see if it increases your monthly benefit. If they do, we'll send you a letter alerting you to your new benefit amount.

user: What happens when I reach full retirement age?

assistant: When you reach full retirement age we calculate your benefit amount to give you credit for any months you did not receive a benefit due to your earnings.

user: What should I do about my benefits if I am in poor health?

assistant: If you are in poor health, you may want to consider starting your benefits at an earlier time.