Do You Know When Your Employees Will Retire?
Your employees' retirement timing decisions will depend on a
variety of factors, including their accumulated vested assets in
your company's plan. Another key variable is Social Security,
but the Social Security benefit-claiming strategy that’s best
for them is not always easy to determine. However, online Social
Security benefit calculators can help.
The basic task for most people is weighing the pros and cons of
retiring and claiming benefits at 62 (the earliest possible age),
age 70 or some point in between.
According to the Social Security Administration (SSA), in 2015
about 40% of men and 47% of women claimed benefits at age 62. Those
percentages have fallen from 56% and 60% during the past decade,
respectively. Also in 2015, 21% of men and 15% of women worked
until their full retirement age of 66.
