I'm gonna talk about Social Security's full retirement age
And if you're getting ready to retire thinking about Social Security, this is a big piece that you need to understand. So stay tuned
Okay, let's talk about
Full retirement age and this is a subject that a lot of us really haven't given much thought to in the past
But now coming into retirement thinking about Social Security
We need to understand how it works and how its functions and how much benefit we're gonna get from Social Security when we retire
And it used to be a lot easier because it was pretty simple
It was age 65 and that's when you're entitled to Social Security
But it has changed and that age is getting incrementally higher as we go so we need to understand
what our technical full retirement age is because that is what our benefit is based off of and then
You have that decision of when to start your Social Security
60 to 65
70
it can make a big difference in how it all plays out and I'll show it to you exactly how it works and try and
Make it as simple as we can. Now a lot of this is coming right out of the Social Security guide
Understanding the benefits and if you'd like to get a copy of this, I'm gonna show you how to download it
Just stick with me to the end. You can get it right on my website download it to your computer
You'll have it with you from now going forward. So what we want to understand right now is
full retirement age and what that means is full retirement age is when
Social Security is going to give you
100% of your
accrued benefit and Social Security
So that's obviously something we'd like to have as our our total and complete benefit from Social Security
But they also give you options on whether to take it early or whether to take it later
So you need to kind of understand that when we're done with this
I'm going to show you a calculator that I think is terrific and I'm making a video
specifically on the calculator now to use it so that you can figure out
Should you take it early? Should you take it later?
Should you take it right when you become full retirement age now?
Keep in mind if you continue to work and you're making a reasonable income
you probably don't want to take Social Security before your full retirement age because there are some pretty significant penalties if you have
reasonable income
While you are before your full retirement age
So let's take a look at this chart and like I say it used to be pretty much
65 that was full retirement age, but it's changed. So now we have
kind of and I don't know why they made it this specific because it's kind of silly, but if you were born
1954 or earlier your full retirement age is now 66
So you will not receive 100% of your Social Security benefits until age
66 if you decide to not draw early and then it goes from there if you're born in 1955 at 66 and two months
57 66 and six months. So why the couple a few months is gonna make that big of a difference?
I don't know but it's just a way when they change things. They have to all agree
And this is one way that they agree. It's so
1960 or later
full retirement age is now
67 so that's where it caps out right now
Now I wouldn't be surprised if it's not going to change again down the road
And so but right now the highest full retirement age is age 67 now you can still start
your Social Security benefits at age 62
But that gap just got wider between full retirement age and 62
so we need to understand that and again, just some we'll put the link to the
Calculator video below because that's something you can play with and you can see exactly
What it would be if you do to create at 63 64 66 69
70 and kind of see where it all plays out and this is the kind of thing if you ask five people
When you should take your Social Security you get five different answers
Some of them think it's absolute you should take 62
So I'm absolute at 65 67
Some say do not ever take it before age 70 and then the calculator is going to show that and I'll explain it
When we get there, so hopefully that's going to help and this is kind of what the calculator looks like
It's the easiest one that I found to give you a pretty good idea on what your benefit would be
Wherever you choose to take it, so I'll show you how to play around with that when we get there
And if you'd like a copy of that social security guide just go to my website
Medicare on Oh calm and up in the left-hand corner
You'll see resource center, and I've got a lot of information obviously
What I do is I help people with their Medicare choices across the country
And I'd certainly appreciate it. If you'd let me help you with yours. That's how I make my living
There's no cost to you to let me help you make sure we get it
All right
So that's the Medicare is obviously a big deal and we don't want to mess that up going in so when you're approaching
Medicare age 65 or retiring. Just give me a call. Send me an email and I'll be happy to help you
We'll make sure we get you in the right place right from the start
but if you go into the Resource Center
It's gonna drop down and you'll see down the bottom guides and forms. Now if you go into my guides and form sections
And I'm going to actually add a social security section in here. So you'll see at the top of this
I have different sections for different things
So it makes you easy makes it easy for you to find stuff but right here down at the bottom. Is that guide?
I was just talking about Social Security benefits. Just click on it
It'll download right out in your computer and you'll have it for now and into the future
So I hope you found this helpful and will tell you a little bit more about my website
And again, I'd appreciate it
If you allow me to help you with your Medicare and I can tell you we will make sure we get you in the best
position
For now and going forward. So take a look and I hope you found this helpful. I
Hope you found this video helpful
And I'm certainly always happy to help with any questions any issues that arise and they always do so
Feel free to give me a call or send me an email
You'll certainly want to visit my website. I have a tremendous amount of information there for now and in the future
So just visit Medicare on video comm right in the middle
You'll see is where you get a quote for a Medicare supplement plan
And this is obviously what I do for a living is I help people make sure that we get the right plan at the right
price with the right company
Whichever zip code you're located in so you certainly want to run a quote on a Medicare supplement plan. You can also get a free
Discount prescription drug card and I get really good feedback on this
So you might as well go ahead and download a prescription drug card and it's likely going to save you some money at the pharmacy
While you're there you want to go into the resource center
And the resource center tab is going to drop down and what you'll find is guides and forms where I have
Pretty much any piece of information that you need for Medicare right here
so if you need something like
The employer form where you're going to retire and you're coming into Medicare and your employer needs to fill this form out you can download
It right on my website and then email it to your HR department
Get them to fill it out so that you'll have it when you need it
and you can also get a copy of my book so you can download a copy of Medicare made clear and
I cover just about every topic in Medicare
So it's great thing to have on your iPad or on your computer
Whatever it may be for now and again in the future certainly very helpful to have now
You're also in the Resource Center find the video library
If you click on video library takes you right to my youtube channel where I have
over a hundred videos on pretty much everything Medicare
So now we've got so many it's kind of hard to find what you're looking for
But if you're looking for something specific
Just use the magnifying glass at the top put in. Whatever
Topic you're looking for and it will bring up the videos that relate to that topic
So it makes it easy to find exactly what you're looking for. So I'm happy to help with any of it
And obviously, I'd appreciate it if you allow me to help you with your medicare supplement plan
that's what keeps this whole thing going and
I'm happy to do it and we will make sure that you get it right from the start
So I hope you found all this helpful and have a fantastic day