Retirement is life-changing in so many ways, and it is different for different people. For some it means downsizing and relocating. For others it means reduced work schedules, ceasing work entirely, or changing careers or starting businesses. As people age, for many there is an increased need for medical care and other assistance. Each of these areas entails tax rules. Here are some of the key tax rules for retirees.
1. Social Security Benefits
Social Security benefits can begin for an eligible worker at age 62. The current full retirement age, which is the age at which benefits are not reduced, is 66. The full retirement age will rise to 67 for those born in 1960 and later. If benefits are delayed past full retirement age, additional credits can be earned to age 70. Spouses, divorced spouses, and widow(ers) may be eligible to collect on a worker’s benefits at an earlier age. Regardless of the age at which benefits commence, the same tax rules apply.
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