Elder Law


All You Need to Know About Early Retirement

All You Need to Know About Early Retirement

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All You Need to Know About Early Retirement
In the general, the age at which an individual retires in the United States is sixty five. At that time, individuals may begin to collect the benefits offered through FICA funded programs, such as Social Security benefits and Medicare. However, there are some circumstances in which individuals retire before that time.
Early retirement can occur for a myriad of reasons. There are those that work in a manual labor industry and become injured. Many times,injuries may be long lasting which prevent the individual from continuing in their chosen field of employment. In that case, the individual may choose to retire early. If the injury prevents them form working, they may be able to collect Social Security through disability, until they reach the age of retirement.
Some individuals decide to retire early because they are offered a retirement package through their company. While the individual may not be able to collect Social Security or Medicare, they may have a pension through the company which allows them to collect an income during early retirement.
Early retirement may also occur when individuals have been unemployed for some time and have been unable to find work. Those individuals may collect an income through other programs, such as unemployment, until they reach the age of retirement.
The decision to retire can include many factors, such as available work and the health of the individual. The age at  which an individual retires can effect their income, such as those incomes collected through pensions.

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