For persons that is retiring at the age of 62 through 70 in the year 2005 or later.( Social Security Administration, www.ssa.gov). What are the annual benefits for a person who retire at the age of 64? At what retirement age does a person receive an annual benefit $11,600? Why do people that postpone their retirement until age 70 get the highest benefit?
2007-08-23 12:29:33 · 3 answers · asked by lala haha gaga mama 2 in Business & Finance ➔ Taxes ➔ United States
The amount of your benefits depends on your work history, so there's not a particular age where you get a particular amount, although your age does figure into the calculation also. At 64 benefits would be reduced, although the amount of the reduction depends on the year you were born since "full retirement age" is different depending on birth year. If you don't take benefits at your full retirement age but wait until later, benefits are increased depending on how long you waited.
2007-08-23 13:19:47 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
The benefit paid depends on average earnings over a baseline period in addition to age, so your questions as posed has no answer other than the last one. People who wait to retire receive more because they have a shorter life expectancy and have paid into the system longer.
2007-08-23 12:50:15 · answer #2 · answered by Tom 6 · 0⤊ 0⤋
Unfortunately, we can't see the accompanying graph of which you speak. Why do people who postpone retirement until 70 years of age get the highest benefit? Answer: Look up the "Time Value of Money Principle". Best of luck in your studies, ~ Mitch ~
2016-05-21 02:38:17 · answer #3 · answered by ? 3 · 0⤊ 0⤋