The year in which someone was born will be the one used to determine their retirement time and the benefits that come with that retirement. Various surveys that have been done reveal that people are more health conscious and they can seek medication when necessary and that has contributed to the increase of lifespans among people. The social security retirement age has also been increased because people are nowadays enjoying prolonged life’s. Individuals can, therefore, enjoy their benefits per their age. The retirement options for workers vary from one to another and it is because there are some of them who do not like to continue working once they have reached a certain age limit. When someone knows when they are to retire, they can take charge of their lives and plan them for the future. You cannot start planning for your retirement when you are not sure of the age you are supposed to stop working.
For a very long time, the retirement age in the past was fixed at sixty-five years, and there was also an option where you could retire when you attain sixty-two years. However, with the early retirement before the stipulated age of sixty-five, there were usually reduced benefits that come with retirement. There are several research that is carried out before the most appropriate age for retirement is formulated. There are people in councils who are given the mandate of making conditions regarding retirement, and they have to visualize the basic requirements of individuals and bring out the social security retirement age accordingly. When it comes to social security retirement age, there are varied preferences among people. Some will like to work to the end so that they can get the full benefits while others will opt early enough and end up with lesser amount at the end.
Apart from these two groups, there is another one that is ready and willing to work even after they have reached the retirement age. Because of all these varied situations, individuals have different opinions on how and when they want to take their break from a job. It can be a hard task knowing which alternative is best for, but what you can do is contact the social security management and request for an earnings statement from them.
When you contact the social security administration for the earnings breakdown statement, it will also show you what you are mandated to get or receive when you reach the full retirement age, if you leave work early or when you prolong your work period. You have to note that the statement might take time before it is finally out, but when you get it you need to sit down and analyze it well. There is a complicated formula which is used by the social security administration to come up with what you are to receive at the end, and if your family has a history of extended lifespan then you can collect the earnings later to get the maximum.