When you reach your 60s, the thought of retirement enters your mind. The idea of being able to spend time with grandkids, volunteering, or maybe just cutting down on the amount of work your doing sounds good to you.
Terry Ruggles of NBC10 has made the decision to slow down, or at least change direction, at the end of this year, according to the Philadelphia Inquirer. Ruggles has been a fixture at NBC10 for the past 40 years in the roles of news anchor, reporter, and weather man.
As an employee you need to make decisions about Social Security when you start thinking about retiring.
Social Security is the government program that gives you supplemental income upon retirement or disability. You pay Social Security taxes out of your paychecks. This money is then paid to you after you retire in an amount that depends on how much you made over your working life.
You can start claiming benefits when you are 62, but they will be at a reduced rate. To get full benefits you must wait until your normal retirement age. That age is now 67 for those born after 1960. However, there is a graduated scale available online if you were born between 1938 and 1960. For example, if you were born in 1942 your normal retirement age would be 65 and 10 months.
The Social Security Administration also incentivizes working past your retirement age, raising your benefits by 3-8 percent per year for every year you delay retirement until you turn 70. This could be a good decision if you are still in good health and enjoy your job. Otherwise, there would be no reason to wait until you were 70.
Hopefully this information will help you when it comes time to decide what the best time to retire will be. Terry Ruggles probably did his calculations a while ago to determine when he should retire. All the best to him in his retirement.