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Retirement age may vary though the most normal age to retire is between 65 years and 67 years of age. The exact retirement age depends on the year that you were actually born and to the Social Security regulations that covered your birth year. However, some can already receive their retirement benefit when they reach the age of 62.

Other factors where the Social Security benefits are based is on the exact amount of money that you have probably earned during your whole employment and the exact age which you wanted to receive your retirement benefits.

Accordingly, the social security administration has set a definite ruling on each retirement age for each year that you might have been born. If you were born in 1937 and earlier, the normal retirement age is sixty-five years old.  Moreover, if you were born in 1938, your retirement age should be probably sixty-five and two months.

Typically, two months are added to the retirement age for each birth year. If you were born in 1941, the right retiring age for you is 65 and 8 months and if you were born in 1942, the retiring age will be 65 years and 10 months. Meanwhile if you were born in 1960 and later, the right retiring age is 67 years of age.

One might wonder if how the age does affects the amount of retirement pay received. Are the benefits the same if you retire at your retirement age or will you receive lower? As mentioned earlier, you can resign at the age of 62 years old. However, if you retire early the amount will be reduced proportionately until you reach the normal retirement age for your birth year.

If you were born later than 1960s, the right retirement age for you is 67 but for some reason, you decide to retire early at age 62, the reduction is 30% and 25% if ever you decide to retire on the age of 63.

Likewise, the reduction will get lower when you are near to your retirement age. If ever you decide to retire at age 66, the reduction will only be between 6 to 7 percent. However, you will finally reach the full benefits when you reach your retiring age.

Retiring early or retiring late has both pros and cons. Early retirement will mean that your monthly benefits will be smaller and you will receive them on longer period. If you retire late, you will receive higher benefit but for shorter time. Depending on your needs and demands, both have the same pros and cons.

Keep in mind that it is important that aside from social security benefits, you still need to invest in other forms of retirement plans. The less risk and guarantees high yields are annuities. Annuity for retirement is an insurance product which is reinvested to bonds and securities. Money invested here is sure to have great value since it is tax deferred and principal protected. Your money is safe and secured with annuity.

With the right annuity, you will not be bothered whether you received less of your retirement benefit since annuities can offer the monthly paycheck that you need. Therefore, whether you received less or more, annuity may give you the right alternative for your financial needs and long-term care.

If you are looking for other retirement plans that will be the answer to your new life after retirement, you may start now by entering your ZIP at the top of this page and answer some basic questions to receive FREE & IMMEDIATE annuity quotes from our trusted partners.