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What Does It Mean to Retire

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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