An official website of the United States government
) or
https:// means you’ve safely connected to the .gov website. Share sensitive information only on official, secure websites.
Retirement
Retirement Stages
Between longer life expectancies and fewer employers offering traditional pension plans, you should take an active role in retirement planning. You can talk with your local bank or credit union about retirement savings vehicles, including individual retirement accounts (IRAs) and Roth IRAs.
Will You Have Enough Saved to Retire?
It’s never too early or too late to save for retirement. No matter how far away you are from retiring, develop a plan and consider several factors to know what you will need during retirement. Research your retirement accounts to understand how to access funds and understand what withdrawals are subject to tax. Review your options and obtain adequate health care insurance as you will need coverage as you age. Keep emergency savings to cover any unexpected expenses. Preparing now will help you make sure you will have enough money to live comfortably in retirement.
Learn More
Required Minimum Distributions (RMDs)
You generally have to start taking withdrawals from your retirement plan account by age 72. Your required minimum distribution is the minimum amount you must withdraw from your account annually. You can withdraw more than the minimum, but keep in mind withdrawals will likely be counted in your taxable income with some exceptions. Learn more from the IRS about how to navigate and manage your money.
Civil Service Retirement
After years of serving the American people, you can retire and enjoy the benefits you earned. There are specific processes to follow and forms to fully complete in order to gain access to these benefits. Read the OPM quick guide to learn the details.
Get Civil Service Retirement Information
Avoiding Retirement Fraud
Retirees can often be the target of fraud. However, with some basic understanding of how scam artists work, you can avoid fraud and protect your hard-earned money. Learn how to invest safely and avoid scams with resources from the SEC.
Frequently Asked Questions
Deciding when to start receiving Social Security retirement benefits is one of the most important decisions you will ever make and depends heavily on your circumstances. You can start collecting benefits based on your work history as early as age 62, or sooner if you are disabled, or wait until your full retirement age. The most important thing is to make an informed decision. Base your decision about when to apply for benefits on your personal and family circumstances.
Your Social Security Statement is available to view online by opening a my Social Security account. This statement lists your projected benefits between age 62 to 70, assuming you continue to work and earn about the same amount through those ages. Remember, the Social Security Administration (SSA) base your benefit payment on how much you earned throughout your working career.
You can apply for retirement benefits up to 4 months before you want to start receiving your benefits so you can avoid a gap in income. For example, your first check will not arrive until the month after the one you pick in your application.
The most convenient way to apply for retirement benefits is by completing the online application. You will need to create or log in to your personal my Social Security account. You can also apply by directly calling the Social Security Administration at 800-772-1213 (TTY 800-325-0778), Monday through Friday from 8:00 a.m. to 7:00 p.m. local time or visiting your Social Security office.
You cannot keep retirement funds in your account indefinitely. You generally have to start taking withdrawals from your IRA, SIMPLE IRA, SEP IRA, or retirement plan account when you reach age 72 (73 if you reach age 72 after Dec. 31, 2022). Your required minimum distribution is the minimum amount you must withdraw from your account each year. You can withdraw more than the minimum required amount. Your withdrawals will be included in your taxable income except for any part that was taxed before (your basis) or that can be received tax-free (such as qualified distributions from designated Roth accounts). For more information visit www.irs.gov.
A postponed retirement, sometimes called a phased retirement, can be used to increase your retirement savings by adding to your savings, but also by delaying the need to access your retirement savings. However, delaying your retirement may not be an option for you due to health-related work limitations, caregiving responsibilities, or a forced early retirement. Depending on your retirement planning, if you are able to delay your date of claiming Social Security, the retirement benefits are increased by a certain percentage (depending on date of birth) if you delay your retirement beyond the full Social-Security-Administration -defined retirement age. The benefit increase no longer applies when you reach age 70, even if you continue to delay taking benefits.