2025 - How Long Do You Have to Wait Until Social Security Full Benefits Kick In?
2025 bring changes in Social Security age eligibility for full benefits.
For those of us born between 1943 and 1954, the age was and remains 66.
We, the oldest of the Boomers, have been blessed in unique ways. Higher education was open to our generation. It was cheap. Multi-national corporations were eager to hire us, including females like myself. Promotions were standard. In the 1980s, when those corporations downsized, we were able to become Accidental Entrepreneurs.
And, many of us continue to work for income. In 2020, according to the Department of Labor, almost 9% of us over-75 were in the workforce. By 2030 that will be almost 12%. I was just invited to do a weekly column on aging and work for a major publication.
Younger folks haven't been as blessed. As for your wait for benefits, here is the story.
Born in 1958 - wait until 66 + 8 months
But, the good news is that Social Security provides financial wiggle room. If you know what you are doing to market your skills (or how to develop new in-demand skills) you can choose work situations on your own terms. And you can continue to do that until your health gives out.
Newsweek documents:
Born in 1955 - wait until 66 + 2 months
Born in 1956 - wait until 66 + 4 months
Born 1957 - wait until 66 + 6 months
Born in 1958 - wait until 66 + 8 months
Born in 1959 - wait until age 67.
Social Security was never intended to provide full financial support. Some people can pull that off with extreme frugal living but most of those who wait for full benefits (or even opt in at age 62 for 30% less monthly payout) will also "have to" continue working for income.
But, the good news is that Social Security provides financial wiggle room. If you know what you are doing to market your skills (or how to develop new in-demand skills) you can choose work situations on your own terms. And you can continue to do that until your health gives out.
In his 90s, Berkshire Hathaway head Warren Buffett is still at it. Henry Kissinger and Betty White were still out there making a buck until they were nearly 100. At age 64, chair of Paul Weiss has reset not only the law firm's strategy but also his own branding.
My mission as a career coach for the over-50 is to guide you how to find, hold and move on to better work, on your own terms.
You made it this far. The next phase for how to
continue working should be on your own terms. Career Coach For Seniors Jane
Genova provides a complimentary consultation about continuing to make a buck,
at any age. No pressure. Text/phone 203-468-8579, email janegenova374@gmail.com for
appointment. Fees custom-made for your current budget.
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