Retirement Planning/Social Security

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Question
Hello:

My retirement age for Social Security is 66 and 2 months. What is the purpose of the 2 months? Why not just at age 66?  

I thank you for your reply.

Answer
Hi Kenneth,
This is due to the year you were born (1955?). You could take your SS earlier but to get the full 100% benefit, you have to wait until you are age 66 and 2 months. For those born between 1955 and 1960, the 100% retirement benefit age goes up 2 months per year until it becomes age 67 if you were born in 1960. This chart shows you how they are calculated if you were born after 1954: http://www.ssa.gov/retire2/agereduction.htm

Hope this helps!

Dave  

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David M Iannopollo

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I am a professional financial advisor who can assist you with answers on mutual funds, annuities, IRA's, rollovers, qualified and non-qualified retirement plans, retirement planning, educational planning, life, disability and LTC insurances. I can also show you how to take advantage of the stock market gains without the risk of loss!

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