Hello, wayneyee!
In general, this depends on when you decide to start colecting your Social Security benefits. . Your benefit will be higher the longer you delay your start date. This adjustment is usually permanent.
Is 62 the minimum retirement age?
- You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits only when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will be higher.
" I can not contribute my taxable long-term disability compensation to my IRA when I reach that age. "
- As of current regulations, you are not prohibited from contributing to an IRA based on your age; meaning you can continue to contribute to a traditional or Roth IRA regardless of how old you are, as long as you have earned income to do so.
For Additional Information on IRA's please see the following:
Please feel free to reach backout with any additional questions or concerns you might have!
Have an amazing rest of your day!
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Terri Lynn
