All You Need to Know About Early Retirement
In the general, the age at which an individual retires in the United States is sixty five. At that time, individuals may begin to collect the benefits offered through FICA funded programs, such as Social Security benefits and Medicare. However, there are some circumstances in which individuals retire before that time.
Early
retirement can occur for a myriad of reasons. There are those that work
in a manual labor industry and become injured. Many times,injuries may
be long lasting which prevent the individual from continuing in their
chosen field of employment. In that case, the individual may choose to
retire early. If the injury prevents them form working, they may be
able to collect Social Security through disability, until they reach
the age of retirement.
Some individuals decide to
retire early because they are offered a retirement package through
their company. While the individual may not be able to collect Social
Security or Medicare, they may have a pension through the company which
allows them to collect an income during early retirement.
Early
retirement may also occur when individuals have been unemployed for
some time and have been unable to find work. Those individuals may
collect an income through other programs, such as unemployment, until
they reach the age of retirement.
The decision to
retire can include many factors, such as available work and the health
of the individual. The age at which an individual retires can effect
their income, such as those incomes collected through pensions.
NEXT: Retirement Income
