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Christopher B, Esq.
Christopher B, Esq., Attorney
Category: Social Security
Satisfied Customers: 2983
Experience:  associate attorney
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I am thinking about retiring at age 54. I don't plan on claiming

Customer Question

I am thinking about retiring at age 54. I don't plan on claiming SS benefits until I am 65. Are there any penalties associated with early retirement? Are there any issues I should be aware of?
Submitted: 1 year ago.
Category: Social Security
Expert:  Christopher B, Esq. replied 1 year ago.
My name is***** and I will be helping you with your question today. This is for informational purposes only and does not establish an attorney client relationship.There are no penalties for simply stopping work. There are penalties if you decide to take your SS benefit before full retirement age. In 2016 full retirement age is age 66 but it will be increasing in increments up to age 67 in the future. When you take early retirement social security at age 62 you will lose approximately 30% of your benefit per month. At full retirement you get 100% and that can increase in 8% increments from full retirement age to 70.5. So to answer your question, there is no penalty for stopping work at age 54.Please let me know if you have any further questions and please positively rate my answer if satisfied. There should be smiley faces or numbers from 1-5 to choose from. This extra step will cost you nothing extra and will ensure that I will be compensated for my time by the site.
Expert:  Christopher B, Esq. replied 1 year ago.
Just checking back in, do you have any further questions?