Social Security Retirement Advantages At Age 62

Does one really know the benefits of Social Security and why we pay it? One of the benefits of having a Social Security program is retirement. When a person reaches the retirement age, which is between 65 and 67, they can begin to collect their retirement. That is why when people get’s older they do not have to worry about not having any financial support because they no longer work because of old age.

Retired individuals in the U.S. are eligible to receive benefits through Medicaid at the age of 65. Some individuals choose to have supplemental insurance along with Medicaid, which helps increase their benefits. If one retires before this age the can apply for the Health Insurance Marketplace.

You are eligible to apply for a retirement pension when you are age 60 or over if you have made at least one contribution to the plan, regardless of whether you have stopped working or not. The standard age to begin receiving the pension is 65. However, you can take a permanently reduced pension as early as age 60 or take a permanently increased pension after age 65.

Social Security Provides Important Retirement Benefits: According to the Social Security Administration, nine out of 10 Americans over the age of 65 receive retirement

Retirement.Social Security 's retirement program provides a lifetime monthly income for qualified workers once they reach their full retirement age. Depending on when they were born, that age ranges from 65 to 67. The amount of retirement benefits that a worker receives depends on his or her income while working. Workers also have the option of receiving a lower monthly income starting at age 62.

In a world where the old are ignored and have no social security to live off from. Where 65 year olds work in restaurants just to make money for basic items to which they survive form. Hoping they never sick because of them know they would never be able to afford medication and surgery. Living with their children in a single home after they are no longer able to work. Their children having their parents are a burn on them after they have so fought so hard to gain their own independence. Social security is a very conversational topic because of old people having a large influence on the American politics. Social security has developed over time and has remained a very important policy in the United States. Raising Social Security has been a delicate process and there are many reasons why people are for and against it.

The Social Security Act of 1935 provided retirement benefits only to retired workers themselves. In 1939, before any benefits had been paid, the first of numerous extensions to the system provided benefits for survivors and dependents. Later extensions included several classes of workers not covered under the original law. For example, during the 1950?s state and local government employee, members of the armed forces, and many farm workers, domestic workers, and self-employed professions were taken into the system In 1956 the age at which women become eligible for some benefits was reduce from 65 to 62, and in 1961 men were given the option of retiring at a reduced level of benefits at the age of 62.

It is never too early to start planning for the retirement. In today’s economy there are no guarantees that there will be sufficient funds coming from Social Security when an individual reaches the time

This is such a spoken topic as the different time period and generations have and will cause such inequality on the benefits drawn. When the Social Security system first started those who drew benefits were in the advantage as they were drawing more than they put into the system, being a much greater benefit. Those who are putting into the Social Security system today will not be as fortunate, as the Social Security system is expected to collapse and run out of those in the generations of Gen X and the Millennials will receive a lot less benefits than the amount of money they put in, and this is just a small part of the downward spiral. The commonly known and spoken issue of the Social Security crisis causes the division between generations to be even stronger. Those who are young workers, putting their money into the Social Security system, which is aiding the benefits being drawn out by the older generations now, but yet these younger, current workers are not guaranteed the same results. With these circumstances, why should they still put into the system or feel united with the other generations? Older generations tend to have a more conservative approach to politics as younger generations can tend to be less conservative, adding to a division issue. The workplace can be seen as another area of division for generations. Older people have to work differently and easier than younger people sometimes. There is division in generations in the aspect that younger generations start out on the bottom level positions of jobs as those in older generations are usually in the higher positions. Family is another area where generations division takes place as parents are in charge of children in the younger

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After a formula is applied to these earnings, they arrive at the basic benefit, or “primary insurance amount,” that the applicant would receive each month once they reach the ages of 65-67. It is also possible to start receiving monthly benefits early, at the age of 62. However, the monthly payments will be reduced. Payment amounts can also change if the applicant decides to delay their retirement past the standard retirement age. By doing this, Social Security benefits will increase by a certain percentage until retirement or the applicant reaches the age of 70 (Your Retirement Benefit, 2014).

Social security has been a big part of our nation since 1935 when the great depression plagued our nation. Social security is an independent trust fund and has been since its creation. 1 Social Security Benefits cannot be given out to anyone who hasn't paid into it. No one can receive it as welfare or other types of governmental assistance. 1 Many people think that Congress takes money out of the Social Security fund and irresponsibly uses it. The truth is, congress is using it how they are supposed to be. They are using it to pay people their owed social security benefits and other important government programs. Although the federal debt may be high and respect for congress may be low, they are using it as they should. 2

Supplemental social security income benefits (SSI) are benefits received based on your financial need. In order to receive SSI, you must be 65 years of age or older, blind or disabled, earn little to no income and have very few financial resources.

During the 2000s, SSA set up for the rise of baby boomers who would begin reaching retirement age in 2008 and had already reached the prime age for claiming disability benefits(Ohlemacher2015). At the same time, SSA faced an large amount of retirements in its own ranks. In 2000, the average age of SSA employees was 46. The SSA conducted a study to predict losses and support workforce planning. Retirements were predicted to peak from 2007 through

One of the very first topics that I will elaborate on is the economic aspects of my later life. As of November 13, 2016, I have had an account opened for my retirement fund. Its pertinent that I, personally have this account. I have this account to be my cushion to “fall back on” if any of my other plans for aging do not fall through. “Currently, the full benefit age is 66 years and 2 months for people born in 1955, and it will gradually rise to 67 for those born in 1960 or later.” (National Academy of Social Insurance, 2017)