The basic criteria for Social Security Retirement Age are the individual’s birth date. Studies have revealed a fact that these days are more health conscious and thus life spans have increased. And as a counter reaction Social Security Retirement Age has been modified accordingly. People can enjoy the benefits of the service in proportion with their age. There is a section of individuals who prefer not to work after a certain age. They can take advantage of the services by planning for their future well in time. Social Security retirement age is one of the major factors kept in mind while formulating the plans for retirement as well as the age appropriate for retirement.
Earlier Social Security Retirement Age was fixed at sixty-five years for long, along with the option of getting premature retirement at the age of sixty-two in case an individual demanded for it. Though some benefits were accordingly reduced for them. People working in congress are given the charge of formulating various necessary aspects regarding the issue. Various informational surveys and study of social conditions have been taken into account by them before finally deciding the Social Security Retirement Age. These councils have to visualize the basic needs of people and accordingly bring out the Social Security retirement age along with the different amount of benefits that the individuals will be getting at various stages.
Social Security Retirement Age Reflects the Needs of the Community
Social Security Retirement Ages are well specified according to the time of birth of a person. Complete benefits are offered to people born before 1973. They can opt to retire at the age of sixty-five and can enjoy full benefits. Individuals born between 1943 and 1954 have the option of going on with their work till the age of sixty-six, and reap full benefits. People born after 1960 can retire at sixty-seven taking the advantage of all benefits. Along with all the above criteria’s, all individuals have a fair option to retire at any stage, but their benefits get reduced accordingly. People also prefer to put in some extra money all the way during their tenure and get equally better amount at the later stages.
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