If you were born in 1957 your full retirement age is 66 and 6 months. You can start your Social Security retirement benefits as early as age 62, but the benefit amount you receive will be less than your full retirement benefit amount.
Can I retire at 58 and collect Social Security?
You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits 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.
How much should I have to retire at 57?
Many financial professionals recommend that you account for between 70% and 80% of your pre-retirement income each year in retirement. This means that if you currently earn $60,000 per year, you should plan to spend between $42,000 to $48,000 annually once you retire.16 Dec 2021
Can I retire at 55 and collect Social Security?
So can you retire at 55 and collect Social Security? The answer, unfortunately, is no. The earliest age to begin drawing Social Security retirement benefits is 62. Once you turn 62, you could claim Social Security retirement benefits but your earnings from consulting work could affect how much you collect.20 Oct 2021
How much should a 57 year old retire with?
Experts say to have at least seven times your salary saved at age 55. That means if you make $55,000 a year, you should have at least $385,000 saved for retirement. Keep in mind that life is unpredictable–economic factors, medical care, how long you live will also impact your retirement expenses.
How much do I need to retire at 57 in UK?
You'd need at least an estimated £650,000 pension pot to retire at the age of 55 or 57. But as well as a good pension pot, you also need a good retirement plan.11 Jan 2022
Is 57 a good retirement age?
So, is 57 a good age to retire? The answer is both a Yes and a No. It's a Yes because you may sign up for retirement at any age and the resignation will vary from person to person. Back in the days, most people waited until the late 60s or early 70s to retire, though American citizens choose to retire much earlier.