Retirement Age

 

Retirement age normally refers to the age limit after which a person does not necessarily need to work. A person after retirement is expected to live a peaceful life free of daily worries and responsibilities. Normally in US, the average retirement age varies between 62 and 65 years. After a person reaches the retirement age, he or she is entitled to a number of social security programs and retirement benefits.

After reaching the age of retirement, you can apply for various Old-age Insurance Benefits or Retirement Insurance Benefits. These retirement schemes are offered by the U.S. Social Security Administration for the benefit of the senior citizens. Benefit payments are made on various months according to the date of birth, retirement age and date and other vital factors.

There are certain requirements that you need to fulfill before applying for the various retirement benefits. You need to be fully insured under the social security system and the retirement age should be around 62 years. To obtain the benefits, you need to be born on the first or the second of the month.

You can choose an early or late retirement age according to your needs and preferences. You can get the monthly installments over a longer period of time in case of early retirements, although the rate of the installments will be small. By retiring late, you can get larger interest rates although for a shorter time period. But the amount will be sufficient enough to cover the years of deficit.

Once you reach retirement age, there are various ways to apply for the social security and retirement plans. You can apply online or get the application process done through the local social security office. You can also apply through phone by calling the Immediate Claims Taking Unit. Applying through mail is also another option that you can choose for.