Retirement is usually the age people reach when they either stop working or doing part-time work. Semi-retirement is when they choose to take on a part-time job. Some people decide to retire when they have reached a certain age; they can no longer work or have acquired enough pension benefits from the government or their own personal savings.
The main reason for delayed retirement is dependent on where funds are going to come from to continue to pay the bills and for financial support. Another reason is health issues such as illness or disability.
Retirement in the United States
The normal retirement age in the United States is usually 65. However, the Office of Social Security will allow someone at the age of 62 to retire early. However, if someone chooses to retire early, the pension benefits will be reduced. If retirement takes place at the required age of 65, pension benefits will not be reduced. Full benefits take place when the retiree reaches the age of 66.
Generally, the retirement age globally is between the ages of 55 and 70. Some countries have retirement age requirements different for a male and female.
The United States government calculates its retirement age requirement by the date you were born. If you were born anytime after 1960, your retirement age would be 67, for instance. If you were born between 1955 and 1959, full retirement age would be 66.
Making the Choice
Retirement, in some cases, depends on the profession or career one holds because fatigue begins to take precedence over the desire for continued employment. When this happens, it becomes a choice. For example, actors and sport professionals will retire earlier because they are financially stable and prefer to enjoy the hard work that they have put in earlier in their lives. Some will work up until the age of 70 if they are financially unstable or love what they do. Doctors are inclined to do this.
The 1983 Ammendment
Even though the previous 1935 Social Security Act of the United States set the minimum age limit for full retirement at 65, an amendment was ratified in 1983 to change that. The amendment allows gradual age increase for full retirement benefits. This means that the age of 67 is allowed for full retirement over a period of 22 years giving an 11-year interval, which makes the retirement age 66 instead.
Benefits at age 62
If you choose to take your retirement benefits at age 62, your monthly retirement benefits will be 30 per cent reduced. If you are receiving spousal benefits at age 62, your retirement benefits will be reduced by 32.5 percent.The United States government will increase your benefits if you delay full retirement.