At what age did Mary retire for Social Security benefit purposes?

Mary retired at age 62 for Social Security benefit purposes, which aligns with the earliest age at which individuals can begin receiving reduced Social Security retirement benefits. By choosing this age, Mary was able to start receiving her benefits earlier than the full retirement age, which typically ranges from 66 to 67, depending on the year of birth. However, it's important to note that starting benefits at age 62 means her monthly benefit amount would be permanently reduced compared to waiting until full retirement age or even delaying benefits until age 70, when individuals can earn delayed retirement credits that increase their benefit amount.

Understanding the implications of retirement age is crucial when planning for Social Security benefits. Each individual's situation can vary based on financial needs, health considerations, and life expectancy. Therefore, retirement at age 62 can provide immediate financial support, albeit with a lower benefit level. This choice reflects an important aspect of Social Security policy designed to offer flexibility to beneficiaries.