Early Retirement Rules In Virginia
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You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits only when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.
Retirement Eligibility Age 65 if you have at least five years (60 months) of service credit, or at age 50 if you have at least 30 years of service credit.
Documents we may ask for include: Your Social Security card or a record of your number. Your original birth certificate, a copy certified by the issuing agency, or other proof of your age. We must see the original document(s), or copies certified by the agency that issued them.
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Eligibility Birth YearAge to Receive Full Social Security Benefit 1957 66 + 6 months 1958 66 + 8 months 1959 66 + 10 months 1960 and later 679 more rows
How to plan for an early retirement: 7 steps you can take Map out your retirement goals. Know your numbers. Create a retirement budget (or a few of them) ... Maximize your retirement savings. Figure out health insurance. Talk to a financial advisor. Be prepared to make changes.
You may retire with a reduced benefit as early as age 55 with at least five years (60 months) of service credit or age 50 with at least 10 years of service credit. You may retire with a reduced benefit as early as age 60 with at least five years (60 months) of service credit.
A worker can choose to retire as early as age 62, but doing so may result in a reduction of as much as 30 percent. Starting to receive benefits after normal retirement age may result in larger benefits. With delayed retirement credits, a person can receive his or her largest benefit by retiring at age 70.
It's perfectly legal and possible to retire in your mid-50s if that's your goal. But it's important to keep in mind that retiring at 55 isn't the norm for most people. If you're going by the normal retirement age prescribed by Social Security, for example, that usually means waiting until you're 66 or 67.
Under the terms of this rule, you can withdraw funds from your current job's 401(k) or 403(b) plan with no 10% tax penalty if you leave that job in or after the year you turn 55. (Qualified public safety workers can start even earlier, at 50.)
