
Do you know what happens to your benefit if you retire early?
Do you know how much money you need in order to retire?
- 25% of unmarried women over 65 have no other source of income to live on other than Social Security. Almost 50% of American women will never be able to retire and 60% of minority women will have to continue to work after age 65, never able to retire.
- If you start your benefits early, your benefits are reduced permanently.
- Your benefit is reduced about one-half of one percent for each month you start your Social Security before your full retirement age. For example, if your full retirement age is 65 and 10 months and you sign up for Social Security when you are 62, you would only get 75.8 percent of your full benefit. (Source: Social Security Administration)
- To learn about what your retirement needs are; click here
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