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Thinking about retirement

. There is no "best age" for retirement. It depends on your current cash needs, your health and family longevity, whether you plan to work in retirement, your other income sources and expected future needs, and the lifetime amount you expect from Social Security.

. If you live an average lifespan for your age, you'll get about the same lifetime benefits whether you get smaller benefits for a longer period after you take early retirement or you get higher monthly payments over a shorter time if you delay benefits until your official retirement age or later.

. When you reach your full retirement age, you can work and earn as much as you want and still get your full Society Security monthly payment. If you retire early and earn more than a set limit, some of your benefits will be withheld, but the withheld money will be reflected in higher monthly benefits when you reach full retirement age.

. Even if you intend to continue working, you should sign up for Medicare three months before you turn 65.

. The age to receive full Social Security benefits is 66 for boomers born between 1943 and 1954. After that, it rises by two months for each birth year until it reaches 67 for those born in 1960 or later.

Source: Social Security Administration