|Q: I'm trying to figure out how much I need to save for my retirement. Does the government offer any help with financial education?|
A: Yes. For starters, you may want to find out what you can expect from Social Security with a visit to Social Security's Retirement Estimator at www.socialsecurity.gov/estimator. Also, the Financial Literacy and Education Commission has a website that can key you in on the basics of financial education: www.mymoney.gov
Finally, you'll want to check out the Consumer Financial Protection Bureau, which offers educational information on a number of financial matters, including mortgages, credit cards, retirement and other big decisions. Visit the Consumer Financial Protection Bureau at www.consumerfinance.gov
Q: What is the earliest age I can begin receiving social security retirement benefits?
A: The earliest age you can begin receiving Social Security retirement benefits is 62. If you decide to receive benefits before your full retirement age, you will receive a reduced benefit. (Full retirement age ranges from 65 to 67, depending on the year of your birth.)
Keep in mind you will not be able to receive Medicare coverage until age 65, even if you decide to retire at an earlier age. Check out Social Security Administration’s Retirement Estimator to get fast, personalized estimates of future social security benefits. You can find them at www.socialsecurity.gov/estimator. For more information, go to www.socialsecurity.gov.