The answer to "When can I stop working?" depends heavily on your personal financial situation and what you consider 'stopping work'. However, based on the provided information, we can address when you can receive full Social Security retirement benefits.
Full Retirement Age for Social Security
The provided reference states that the full retirement age, which is when you can collect your full Social Security benefits, is not uniform for everyone. It varies based on your birth year.
| Birth Year | Full Retirement Age |
|---|---|
| 1958 | 66 years and 8 months |
| 1960 or later | 67 years |
Here's what this means practically:
- If you were born in 1958, your full retirement age is 66 and 8 months.
- If you were born in 1960 or later, your full retirement age is 67.
Important Considerations
Keep in mind that receiving full Social Security benefits isn't the only factor when deciding to stop working. Other things you might want to think about include:
- Personal Finances: Do you have enough savings and investments to support yourself without income?
- Retirement Goals: What kind of lifestyle do you want to have in retirement?
- Health: Are you healthy enough to enjoy retirement?
- Early Retirement: You can start receiving Social Security benefits earlier, as early as age 62, but these will be reduced.
- Delayed Retirement: Conversely, if you delay receiving benefits past your full retirement age, your benefits will increase.
- Other Income Streams: Do you have other sources of income such as a pension, rental income or investment portfolios.
In summary, based solely on the full Social Security retirement age, you can stop working and begin receiving those benefits at age 66 and 8 months if born in 1958, or 67 if born in 1960 or later. However, a more complete answer about stopping work should also include a review of your overall financial situation.
