Are you Considering Social Security in your Retirement Planning?

Financial EducationWV Retirement Plus
Nov 10 2015

By Sarah Lynch--WV Retirement Plus

If you have been privy to any of our enrollment meetings, we discuss Social Security as a piece of your retirement “pie”.  If you are close to retirement or are well versed in retirement savings options, you may be aware of a few things we will discuss.  If you are like many, you haven’t put much thought into time spent in retirement.


As uncertainty looms regarding the “fiscal cliff’ and the Federal budget, we cannot stress the importance of knowing the different sources of retirement income available to you and how those options are changing.  As a state employee, many of us have had the luxury of being eligible to retire at age 55 or shortly thereafter.  These employees have been able to withdraw their public pensions at retirement.  Some have applied for Social Security as soon as possible, while others have waited. 


Did you know that Social Security does not recognize your full retirement age until 66 or older?  Below is a chart from the Social Security Administration that helps identify your full retirement age.



Age to Receive Full Social Security Benefits

Year of Birth

Full Retirement Age




66 and 2 months


66 and 4 months


66 and 6 months


66 and 8 months


66 and 10 months

1960 and later


Note: People who were born on January 1 of any year should refer to the previous year.

*If you were born in 1944 or earlier, you are already eligible for your full Social Security benefits.



If you absolutely cannot wait until your full retirement age, you can get Social Security retirement benefits as early as age 62. However, your benefits can be reduced by 20-30% based on your age.


The Social Security Administration has several charts and calculators available to you to help you better understand your Social Security benefits online by clicking this link.  We would like you to visit the website to better understand your personal Social Security benefits.


If you are interested in viewing other sources of retirement income, please visit the following websites:


As with any financial situation, we advise you to talk with your financial advisor, accountant or others you may trust.  If you are a WV Retirement Plus participant and close to retirement, feel free to contact our Voya representatives to discuss your personal situation by calling 1-877-786-2982.


You should consider the investment objectives, risks, charges and expenses of the variable product and its underlying fund options carefully before investing. Fund prospectuses, and an information booklet containing this and other information, can be obtained by contacting your local Voya representative. Please read carefully before investing.

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Charleston, West Virginia 25305
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