One of the best things about the United States is its retirement system. Through the Social Security Administration, workers can apply for their benefit when they reach the appropriate age. In this way, they can receive a monthly amount of money based on years worked and other factors that we will see below. Although there is a recommended age to apply for retirement, the minimum age is also a good option. It all depends on the personal situation of each Social Security applicant.
If you are thinking about applying for Early Retirement you should know that there are some bad things and some good things. The final decision is completely up to you. If you want to start collecting your Social Security money sooner, it is important to consider the negatives and positives of Early Retirement Age. With all the information, making a firm decision is much easier.
Conditions for Early Retirement Age
Before knowing if it is really a good idea to apply for Early Retirement Age, there are a few things to consider. The fundamental requirements for applying early for Social Security are not many, but that doesn’t mean that they make it a good idea. The only two essential requirements are to be 62 years old and to have been working for at least 10 years.
Reaching those two requirements is a must, although it may not be enough for many people. That will make your benefit really low. The important thing is to work more years with a good salary if we want to have a large Social Security and thus enjoy a good rest.
Can I retire at 50?
This is a question asked by an early retiree to Dr. June. This question is really simple to answer and the answer is no. It is not possible to apply for retirement at age 50, although you can stop working at that age. The important thing to keep in mind is that you will not be collecting Social Security. You won’t be working, but you won’t get extra money every month either.