Retirement, one of the most precious phases of one’s life, needs to be planned in a comprehensive manner so as to ensure the financial and medical safety of the concerned individual. As a person enters this phase, they get listed as senior members of the country and become eligible to avail certain crucial retirement benefits. A full retirement age chart facilitates retirement planning in the right manner as it helps individuals in accessing the rate that they need to surrender from the assured sum if they wish to secure retirement benefits before reaching the ideal age of retirement. The period lasting between the actual age of retirement and the age at which an individual starts receiving retirement benefits acts as the sole determinant of the reduction in benefits one will encounter.
Benefits of retirement chart
Full retirement age chart aids numerous individuals by informing them about various aspects of full age retirement options that they can access if they wish to avail retirement benefits at an earlier age. However, the minimum age limit as per the full retirement age chart is deemed to be 62 years, and before reaching this age, no one can claim retirement benefits. As per the full retirement age chart, if an individual decides to initiate receiving their retirement benefits at the age of 62, their monthly benefits will be consequently reduced by almost 30%. In the same way, the reduction at age 63,64, 65 & 66 lasts for about 25%, 20%, 13.3% & 6.7% respectively.
Enroll in Medicare
In case one opts to receive such benefits after the actual age of retirement has passed, as per the full retirement age chart, they will definitely be entitled to delayed retirement credits that would ultimately enhance the worth of monthly benefits. However, it is crucial to sign up for Medicare at the age of 65, else the costs will be high if they delay in applying for the same.