After years of employment, when you get to retire, you wish to enjoy this retirement age. It is the time you invest on you. You do what you like and spend time in fulfilling your dreams. Retirement days are the golden days of life. So, to enjoy these benefits, you should get avail a full retirement age chart. A full retirement age chart basically refers to the age range after attaining which an individual becomes entitled to full or unreduced retirement benefits.
Benefits of availing a full retirement age chart
- If you avail this facility at the age of 62 will be a clear economic gain for your family, especially for your children. Once you attain the age of 62, your children will be able to collect up to 50% of your retirement benefit.
- It will be a smart decision to take up this benefit at the age of 62 to reap the benefits early.
- Even if your full retirement age is after 65, you can still enjoy the benefits at the age of 62.
If your full retirement age is 67, and if you start your benefit at the age of 62, your benefit amount is reduced approximately by 30%.
The reduction for starting benefits as per age
- 63 is about 25 percent;
- 64 is about 20 percent;
- 65 is about 13.3 percent; and
- 66 is about 6.7 percent.
If you start to receive your spousal benefit at the age of 62, your monthly benefit amount is reduced to 32.5 % that your spouse receives.
The reduction for starting benefits as a spouse at age
- 63 is about 65 percent;
- 64 is about 62.5 percent;
- 65 is about 58.3 percent;
- 66 is about 54.2 percent; and
- 67 is 50 percent (the maximum benefit amount).