Retiring in 2020? 3 Things You Need to Know
Many people are looking forward to 2020 simply because it's the start of a new decade. But if you plan to retire in 2020, then you clearly have your own set of reasons to get excited for the year ahead.
It's important to nail down a few basics about retirement before moving forward with it, so here are a few key points to keep in mind if you're sure you'll be leaving the workforce next year.
The earliest age you're allowed to claim Social Security is 62, and while doing so will reduce your monthly benefits, you may want or need that money as soon as you're entitled to it. If you were born in 1958, you'll have the option to file for Social Security at some point in 2020, but if you're not desperate for that income, waiting a few more years could really pay off. That's because you're not entitled to your full monthly benefit based on your earnings history until you reach full retirement age. If you were born in 1958, that age is 66 and eight months, and if you claim benefits at 62, you'll reduce them by nearly 30% in the process. That reduction will remain in effect for the rest of your retirement.
Source Fool.com
