Elder Law


What Does It Mean to Retire

What Does It Mean to Retire

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What Does It Mean to Retire
Retirement is the point at which an individual stops working. The common age of retirement in the United States is 65, but that age can vary based on several factors. Early retirement packages may be offered by companies, or individuals that have been unemployed, may simply to decide to retire early. In addition, some individuals work well past the age of retirement.There are also those that semi-retire and continue to work part time.
The age of retirement in the United States is most often determined by the age at which an individual can begin to collect their pension or other retirement benefits. In some cases, individuals may begin to collect benefits early, but the dollar amount may not be as high as if they had chosen to retire at a later date.
Medicare in the United States, which is federally funded health insurance, begins at the age of Sixty five. However, these benefits may be offered early if an individual has certain illnesses or should become disabled. The amount of Medicare allowable, is determined by the amount that the individual paid into the program during their working life.
Social Security is another benefit of retirement and those payments are also determined by the amount that an individual has paid into Social Security during their lifetime. These checks generally begin at the age of sixty five but it has similar exceptions to Medicare. Those that are disabled can collect social security payments early, as well as those that have certain illnesses.
 

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