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Are there any "laws" on what age you have to retire?

Posted: Oct 5, 2015

as long as possible, even past my retirement age of 67. I'm only in my 50s but I am single, plan on staying single and I have had to take out my 401k so I'm starting from scratch with the saving, which isn't going to be much. So, I plan on working until I'm 75 assuming I'm able, whether it's in MT or something else (prob the latter). Can you work until 75 if you can/want to/have to?

;

Don't think so, but - Judy

[ In Reply To ..]
I don't think there are laws that require you to retire at a certain age, but I was researching this issue some time ago and saw that age discrimination laws seem to stop at age 70. I feel, if I start my own business by age 70, I can keep working. However, if I'm working for someone else then, there's one more reason they might lay me off. At any age, there's a limit to how much you can earn and still collect Social Security, but your age does somewhat determine how much you are allowed to earn without it affecting your Social Security. However, you have many years to go before you are able to collect Social Security unless you are disabled, and anything can happen between now and then with regards to Social Security.

Judy, you are wrong about something - here is why

[ In Reply To ..]
If you reach full retirement age, you can make any amount of money you want after then and there is no limit at all. I should know, I am a person doing just that. My age plays no part in my SS income.

Lacking 5 months and 2 years now - will be at that age

[ In Reply To ..]
Yep, that 75 and it just seems like yesterday when I first started this profession. I have no immediate plans on retiring but a person never knows what is ahead of them. I work now because I want to, not because I have to so there could be a difference there as how you see a job. I was extremely lucky as far as SS because the years that counted the most were golden years, working in house and it paid off in the long run.

You're right about the "golden years" of work. - Most of my MT career was inhouse and

[ In Reply To ..]
highly paid. It was only my last 5 years as an MT that I worked at home, where of course we all know the pay sucked. When I lost my job and finally bit the bullet and applied for SS at age 66, I was pleasantly surprised to find my payout amount was TWICE what I was expecting it to be. That, coupled with my tiny "hobby" arts & crafts income, will allow me to enjoy life once again.

Arts and crafts, what type do you do and - do you sell them like on

[ In Reply To ..]
Etsy? There are people there that make really big money.

This is how it - was explained to me

[ In Reply To ..]
IF you retire early (age 62), your work income is limited until the age of 66. After that, you can work as much or as little and earn as much as you would like.

If you retire early, they don't touch your SS until - you earn a little over 15K.

[ In Reply To ..]
Then they start taking out 1 dollar out of SS for every 2 you earn over the limit For most of us 66 is the actual retirement age after which you can earn all you want and still collect SS, but for younger people, the repubs are planning on moving back full retirement age.

I think you are mistaken about any particular party - moving full retirement

[ In Reply To ..]
I am not a republican BTW but this increase in SS age has been in the works for some time now. The age is going to 67, as it is put gradually, for those born 1960 and later. One lady here a few years ago took SS early and then made too much, turned out either repaying or SS holding her check for a month or more.

I believe I was that lady...SM - Old Anon

[ In Reply To ..]
who took early SS at age 63 in 2012; and yes, they withheld 2 SS payments in 2013 and 2014 (1 dollar for every 2 dollars above their limit, which was in the 14,000 to 15,000 range). Can't remember the exact dollar amounts. BUT, I turned 66 early this year (2015), and received a big surprise check from SS in July for $3200 which they said, after reviewing my tax returns for those 2 years, they had underpaid me to the tune of $3200. What a windfall!!! Really, now I'll be able to afford to pay for my home heating oil this coming winter; and now that I'm 66, no more withholding any of my SS payments. I'm finally home free.

Sounds like a windfall in my life before - never expected this

[ In Reply To ..]
I had a friend from high school. Her husband died. She had to take an extremely low paying job in a dress shop because had no skills as far as higher paying job. One day close to Christmas I decided to take her a little present and I took $100.00 for her and told her for you, no one else. Went up to visit my father after that and he gave me a check for $10,000.00. Talk about a windfall- really unexpected.

Everybody has a - different restriction level

[ In Reply To ..]
I have not retired yet, but receive SSA from spousal bereavement benefits. I am 65 and will be 66 next month. My restriction level is 12K, so it depends on how much you receive in your benefits as to how much income you can gain from employment. Please do not mislead people into thinking everybody is the same, because they are not.

Interesting about people being different as know - they can be but question

[ In Reply To ..]
for you. Does your SSA benefits continue the same for you from now on, do you have different when you retire (that is if you retire), when you turn 66 are they different, do you change over to your retirement, will your restriction continue at 12K? My cousin had heart attack, took early retirement, only allowed to earn so much a month, decided to return to full employment and asked his boss for a certain amount each month. My cousin works for a small place and the boss did that for him.

You can go to - ssa.gov

[ In Reply To ..]
and see what your estimated payments would be based on your current and PROJECTED income. They used to mail out a printed report but cut back on that to save money. I check it every month. Unfortunately, since my income declines every year, their projection for me at age 66 is clearly over stated. I plan to retire as soon as I can get Medicare.

I hoped to work to age 70 and beyond, but - -sm-

[ In Reply To ..]
layoffs and age-discrimination while looking for a new job meant that I finally had to retire at age 66 whether I wanted to or not.

Actually, now I'm glad that happened, because I never did enjoy working anyway, no matter what kind of job I had. I just hate people telling me what to do!

As I recall, I think that even if you're working full-time, you have to start taking Social Security payments at age 70. As long as you can find someone who will hire you (not so easy, the further beyond age 50 you get...), you can work til you're 100 if that's what you want, and if your health holds out.

Of course, the good part is if you do work until age 70 or beyond, you'll be at the top of your payment scale, and your SS will probably last your entire life. In that case I may not be so lucky, but I'm not going to let worry about the future (when I'll be too old to care anyway!) cloud the present, which I plan to enjoy to the fullest while I still can.

Retire at 70...HA. All my family has died before - age 60.

[ In Reply To ..]
I'm getting mine while the getting is good.

Working to age 70 would be nice if - you could make a decent salary

[ In Reply To ..]
Posting above talking about working in house and the salary paid plus a retirement check averages out for me what the top SS check amount is for this year. SS is averaged out over many years of income. The people working now on this type job will not, for the most of them, be able to have a decent income when it comes to SS check. If you make say $20 to $30 thousand a year it will not put you in a high bracket for SS.

In most fields you can work as long as you want to - Nick

[ In Reply To ..]
Some fields, such as a commercial jet pilot, have mandatory retirement ages, but this obviously does not apply to MT.

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