The full-age retirement chart
A comfortable, secure, and safe retirement is probably the dream of every working individual in the country. Today, with the generation living healthier, longer lives than ever before, it is safe to assume that we will live longer than our grandparents and parents and, consequently, have longer retirement periods as well. Achieving one’s dream of a comfortable, secure retirement becomes easier and simpler when one plans his/her finances.
Full retirement age
There is an important term called as the full retirement age’ in the US. It is the age at which an individual becomes entitled to receive unreduced or full retirement benefits from the employer and government. There are certain rules when it comes to full retirement age (FRA):
If someone has been born after 1937, i.e. if that individual’sFRA is more than 65, that person will still be able to receive his/her entire benefits at age 62. However, the stipulation is that the benefits reduction is more for individuals born after 1938.
For instance, if someone’s FRA is 67.
If one begins his/her retirement benefits at the age of 62 years, then their monthly benefit reduces by as much as 30%. For other ages, the reduction for starting benefits at that particular age is:
6.7% when begun at age 66
13.3% when begun at age 65
20%when begun at age 64, and
25% when begun at age 63
Also, if one begins receiving the benefits of their spouses at the age of 62 years, then the reduction in monthly benefit is a whopping 67.5% of your amount that the spouse would have gotten had their benefits begun at FRA. For the spouses, the reduction percentages for beginning benefits is:
50% when begun at age 67 (maximum benefit)
54.2% when begun at age 66
58.3% when begun at age 65
62.5% when begun at age 64, and
65% when begun at age 63
Full age retirement chart
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The earliest one can begin receiving benefits is at the age of 62 only.
Also, if one was born on the 1st of January, then the year to be considered is the previous year. If one were born on the 1st of any month, then then the previous month age is considered.
Also, if one delays retirement benefits and wait until after the FRA, then one may even be entitled for credits for delayed retirement. These will increase benefits per month. Also, one should sign up for Medicare at 65 years of age.
Tags: Retirement planningfull age retirement chart
Full Social Security Benefits Receipt Ages
Year of Birth
Full Retirement Age
1960 and after
67 years
1959
66 years, 10 months
1958
66 years, 8 months
1957
66 years, 6 months
1956
66 years, 4 months
1955
66 years, 2 months
1943–1954
66 years
1942
65 years, 10 months
1941
65 years, 8 months
1940
65 years, 6 months
1939
65 years, 4 months
1938
65 years, 2 months
1937 or before
65 years
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Popular tips on choosing Medicare plans
Read moreFor those searching for the best Medicare coverage plans for yourself or your loved ones, here are tips for you to consider. Whether original Medicare or Medicare Advantage or Medigap plans are suitable, depends on many factors. These plans are not very pricey, but while some have limits on their coverage, there are others that cover your entire medical expenditure. Remember that whatever you choose, you have the option of changing your Medicare plans every year.
- Another important tactic to get a suitable Medicare plan is to understand what coinsurance, deductibles or co-payments your Medicare plan includes and make sure you do not pay more, in the long run, thinking otherwise. Based on the medicines you purchase frequently and their dosages, compare costs with your regular pharmacy and with the Medicare prescription drug plan and opt wisely.
- The ratings each program receives is a good indicator too in deciding yours. The five star and four star rated ones are considered excellent and above average respectively. While comparing Medicare plans with other people you know is alright, choosing the appropriate one best suited for every individual, even if they belong to the same family, is your responsibility. Who are the doctors or specialists you would prefer using? Does your primary care physician approve of the Medicare plan of your choice? What kind of health care or hospice treatment you prefer is a particularly private decision. Ask the right professional or trained volunteers or read online about plans and costs, for free.
- Analyze the entire cost of the plan and do not only focus on the premiums you have to pay. Find what is available in your geographic area or in the states you are likely to travel to for long periods of time. Also enquire the extent of your out-of-pocket expenses while choosing your plan.
- Choose Medicare Insurance when you turn 65 years old, pay attention and time it precisely to avoid paying higher charges. Identify what works for your health issues, personal lifestyle, and your budget. And enjoy its benefits.
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4 best AT&T prepaid plans
Read moreEvery mobile carrier, including AT&T, tends to focus on their postpaid customers. They’re not unfair in doing so, as postpaid customers contribute more money to their accounts than prepaid ones. They’re also a constant source of cash, although that doesn’t mean there’s absolutely nothing on the table for prepaid customers. Focusing only on AT&T, the carrier has introduced some excellent plans for prepaid customers.
One-year 8GB plan for $300 upfront
Picking a plan every month can be frustrating, so why not stick with one for the entire year? If it sounds right to you, go with this AT&T prepaid cell phone plan. It is one of AT&T’s best budget options, costing only $300. You’ll get 8GB of data every month, which is more than sufficient for browsing and a bit of streaming. In case you underuse data in a month, it gets carried forward to the next month.15GB plan for $40 per month
$40 is a decent amount to pay for 15GB of data. While it may not be enough for heavy streaming or playing games, it is enough for little to heavy browsing and enjoying music. According to estimates by AT&T, 15GB is enough for over 1,000 emails, 400 hours of streaming music, 40 hours of web browsing, and 15 hours of SD video streaming combined.Unlimited Plus plan for $75 per month ($60 with auto-pay)
If you want your prepaid plan to cover both your work and entertainment needs, go with this plan. It costs a lot, but you will get significant data and speed to work with. The plan will also give you access to AT&T’s 5G network, which promises lightning speeds. Remember, though, that the speed you get will slow down if you’ve used up more than 22GB of data in a month.Budget Conscious plan
The Budget Conscious plan is the first and simplest AT&T prepaid cell phone plan. It includes 5GB of high-speed 4G LTE data every month. It isn’t much, but you can’t expect much at $30 per month. You can browse and stream comfortably, but remember that the speed will go down considerably when you use your data allocation.