RETIREMENT


There are 2 important questions, you should ask yourself when it comes to retirement:

1) Am I "old enough" to retire?

Full Retirement and Age 62 Benefit By Year Of Birth

Year of Birth 1.	Full (normal) Retirement Age	Months between age 62 and full retirement age 2.	At Age 62 3.
			A $1000 retirement benefit would be reduced to	The retirement benefit is reduced by 4.	A $500 spouse's benefit would be reduced to	The spouse's benefit is reduced by 5.
1937 or earlier	65	36	$800	20.00%	$375	25.00%
1938	65 and 2 months	38	$791	20.83%	$370	25.83%
1939	65 and 4 months	40	$783	21.67%	$366	26.67%
1940	65 and 6 months	42	$775	22.50%	$362	27.50%
1941	65 and 8 months	44	$766	23.33%	$358	28.33%
1942	65 and 10 months	46	$758	24.17%	$354	29.17%
1943-1954	66	48	$750	25.00%	$350	30.00%
1955	66 and 2 months	50	$741	25.83%	$345	30.83%
1956	66 and 4 months	52	$733	26.67%	$341	31.67%
1957	66 and 6 months	54	$725	27.50%	$337	32.50%
1958	66 and 8 months	56	$716	28.33%	$333	33.33%
1959	66 and 10 months	58	$708	29.17%	$329	34.17%
1960 and later	67	60	$700	30.00%	$325	35.00%
If you were born on January 1st, you should refer to the previous year. If you were born on the 1st of the month, we figure your benefit (and your full retirement age) as if your birthday was in the previous month. If you were born on January 1st, we figure your benefit (and your full retirement age) as if your birthday was in December of the previous year. You must be at least 62 for the entire month to receive benefits. Percentages are approximate due to rounding. The maximum benefit for the spouse is 50% of the benefit the worker would receive at full retirement age. The % reduction for the spouse should be applied after the automatic 50% reduction. Percentages are approximate due to rounding.

2) How much will I make on SSI?

As of......

Social Security benefits, April 2013

Type of beneficiary	Beneficiaries		Total monthly benefits (millions of dollars)	Average monthly benefit (dollars)
	Number (thousands)	Percent
Total	57,332	100.0	$66,312	$1,156.63
Old-Age and Survivors Insurance	46,372	80.9	$55,598	$1,198.97
Retirement benefits	40,112	70.0	$48,954	$1,220.44
Retired workers	37,199	64.9	$47,124	$1,266.81
Spouses of retired workers	2,279	4.0	$1,437	$630.42
Children of retired workers	634	1.1	$393	$620.68

Can you survive with only $1,156.63/mo?!