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Fewer people are saving for retirement. The Employee Benefit Research Institute released its annual retirement confidence survey this week. Almost 30 percent of the nation's workers have less than $1,000 set aside for their golden years. A majority ...
Publ.Date : Sat, 13 Mar 2010 03:55:00 GMT
For them, retirement is a rich time of slowing down, attending lectures and tossing around ideas like beach balls. “You become more aware of things that you weren’t aware of” when working, Ike observes. “Your perspective enlarges.”
Publ.Date : Sat, 13 Mar 2010 09:31:00 GMT
According to Yahoo Sports, close to 80 percent of NFL players and 60 percent of NBA players are filing for bankruptcy not long after they retire. But how? Of course, there are the lavish stories of Mike Tyson with Siberian tigers and Evander ...
Publ.Date : Sat, 13 Mar 2010 09:24:00 GMT
NEW YORK (MarketWatch) -- There's some news from the front lines of retirement in America, and it's not good. The latest annual survey by the Employee Benefit Research Institute (EBRI), which represents businesses, pension funds, unions, and others ...
Publ.Date : Sat, 13 Mar 2010 04:59:00 GMT
CHINO - Dozens of Chino Valley Unified teachers have expressed an interest in retiring early, which could save numerous jobs expected to be eliminated this year because of budget cuts. The district's school board has directed Superintendent Wayne ...
Publ.Date : Sat, 13 Mar 2010 09:24:00 GMT
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SOCIAL SECURITY: WHICH
IS MUCH BETTER EARLY OR LATE RETIREMENT?
by Jinky C. Mesias
The social security retirement benefit is given during the normal
retirement age of a qualified member. The normal retirement age is the
age at which the retirement benefits equal the amount of the primary
insurance. However, the normal retirement age of members varies by year
of birth. Any retirement before the normal retirement age may reduce the
retirement benefits to be received by members however the opposite
applies if ever members choose to retire after the normal retirement
age. The amount of retirement after the normal retirement age is also
much higher.
The social security follows a table of benefits in order to determine
the amount of retirement benefits to be given. Likewise, the retirement
benefits may be higher or lower than the amount of the primary insurance
of the retiring members. The difference is brought about by the age of
the member on the time he or she wants to retire. To maximize the amount
of retirement benefits, members may delay their retirement up to the age
of 70. However, any member is not hindered from retiring as early as the
age of 62. The disadvantage of early retirement is the reduction in the
amount of retirement benefits that members will receive.
The reduction in the benefit for early retirement is about 5/9 of one
percent for every month before the normal retirement age up to 36 months
or 3 years. But if the difference between the normal retirement age and
the applied retirement age of the member exceeds 36 months or 3 years an
additional deduction of 5/12 of 1% per month is employed.
In the case of retiring members whose normal retirement age of 66 but
chooses to retire at the age of 62 then a total of forty-eight months is
going to be deducted. The reduction of 48 months is split in the
following manner: the first 36 months is 5/9 of 36% or 20% while the
remaining 12 months is computed as 5/12 of 12% or 5% which sums it up to
a total reduction of 25% in the retirement benefit.
In addition to the increase in the retirement benefit for delayed
retirees there is also the so-called delayed retirement credit which is
given for those members that would retire after the normal retirement
age. However, in order for members to avail of such benefit it is
important that they must be insured at the time they reach the normal
retirement age or else no credit will given to them even after they
reach the age of 69.
For comments and suggestions about the article kindly visit
Social Security Attorney
Jinky C. Mesias is a graduate of Bachelor of Science in Business
Administration Major in Business Management. She is at present an
Associate Manager of a Life Insurance Corporation and a freelance
writer.
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