Retirement is a period that gives way to full-fledged time for oneself. A person after completion of all his liabilities and service tenure achieves his full retirement age. Full retirement age is basically referred to the age after attaining which an individual becomes eligible for the entitlement to a full or unreduced retirement advantages as per a particular age chart. This age chart is referred as the full retirement age chart.
The full retirement age chart gives way to subjecting the relative benefits associated with it. An old person needs certain benefits to enjoy their golden period of retirement and this chart gives way to aligning to these benefits.
What are the benefits of a full retirement age chart?
This chart helps to perfectly determine the benefits for various age bars after retirement. In case, a person’s full retirement age is 65 years or above they can still enjoy the benefits available for the age of 62 years. For a person born after 1937, the reduced benefit amount remains higher as compared to those who were born prior to 1938.
How do retirement age benefits work?
In the case of individual benefits for the age of 62 years, the monthly benefit gets condensed by around 30% in the amount.
The reduction benefits for individuals at different ages are represented as follows:
- For 63 years it is approximately 25%
- For 64 years it is approximately 20%
- For 65 years it is approximately 13.3%
- For 66 years it is approximately 6.7%
For spouses in the age group of 62 years, the monthly benefits get reduced to around 32.5% of the amount received with the completion of full retirement age.
The reduction benefits for the spouses at different ages are as follows:
- For 63 years it is approximately 65%
- For 64 years it is approximately 62.5%
- For 65 years it is approximately 58.3%
- For 66 years it is approximately 54.2%
- For 67 years it is 50%