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For those born in 1960 or later, retiring at 64 means receiving about 80% of your full retirement benefit. This guide explores the question: how much can you earn for Social Security if you retire at 64 and continue to work?
Unfortunately, simply retiring at age 64 does not automatically qualify you for Medicare, as the standard eligibility age is 65. Early retirees must understand the crucial coverage gap and plan for alternative health insurance options until their 65th birthday, unless they meet specific medical criteria.
While some financial gurus suggest $500,000 can be enough, the Federal Reserve shows the median savings for those aged 55-64 is just $185,000, highlighting a significant planning gap. The reality of whether $500,000 is enough to retire at 64 depends entirely on a number of crucial personal factors, not just the raw number.
Did you know that retiring just a few years early can reduce your Social Security benefits by as much as 30%? If you're asking, 'When can I retire if I'm 64?', it's crucial to understand the financial implications before making a decision.
According to the Social Security Administration, you can collect retirement benefits while working, but if you are under your full retirement age, your income is subject to an annual earnings test. Understanding these rules is crucial if you are asking, "Can I retire at 64 and still work?"
