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Social Security
By Jinky C. Mesias, Fri Dec 9th

The social security retirement benefit is given during thenormal retirement age of a qualified member. The normalretirement age is the age at which the retirement benefits equalthe amount of the primary insurance. However, the normalretirement age of members varies by year of birth. Anyretirement before the normal retirement age may reduce theretirement benefits to be received by members however theopposite applies if ever members choose to retire after thenormal retirement age. The amount of retirement after the normalretirement age is also much higher.

The social security follows a table of benefits in order todetermine the amount of retirement benefits to be given.Likewise, the retirement benefits may be higher or lower thanthe amount of the primary insurance of the retiring members. Thedifference is brought about by the age of the member on the timehe or she wants to retire. To maximize the amount of retirementbenefits, members may delay their retirement up to the age of70. However, any member is not hindered from retiring as earlyas the age of 62. The disadvantage of early retirement is thereduction in the amount of retirement benefits that members willreceive.

The reduction in the benefit for early retirement is about 5/9of one percent for every month before the normal retirement ageup to 36 months or 3 years. But if the difference between thenormal retirement age and the applied retirement age of themember exceeds 36 months


or 3 years an additional deduction of5/12 of 1% per month is employed.

In the case of retiring members whose normal retirement age of66 but chooses to retire at the age of 62 then a total offorty-eight months is going to be deducted. The reduction of 48months is split in the following manner: the first 36 months is5/9 of 36% or 20% while the remaining 12 months is computed as5/12 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 fordelayed retirees there is also the so-called delayed retirementcredit which is given for those members that would retire afterthe normal retirement age. However, in order for members toavail of such benefit it is important that they must be insuredat the time they reach the normal retirement age or else nocredit will given to them even after they reach the age of 69.


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