Social Security was established in the 1930’s as a safety net for people who, after paying into the system from their earnings, could rely upon a steady stream of income for the rest of their lives.  The age of retirement when the income benefit starts, was originally age 65, which was referred to as the “normal retirement age”. 

Now, for a person born after 1937, the normal retirement age is being increased gradually until it reaches age 67 for all people born in 1960 and beyond.  The amount paid in benefits is based upon the earnings of an individual while working.  If a person wanted to continue to work and delay receiving benefits, they could do so to build up a larger benefit.  Conversely, early retirement benefits are available, at a reduced level, as early as age 62.

At Rosemeyer Management Group we will work with our clients to determine when is the most appropriate time to begin collecting Social Security by asking about life expectancy, need, earned income and how big of a piece of the retirement income Social Security makes up.