Is There A New Retirement Age?

​You may have heard that the social security administration  is raising the retirement age. Yes, they are gradually going up little by little. It is helpful that you should know the changes Social Security made in retirement age.

What is the Retirement Age As of Now?
There are two things that your retirement age depends on:

• Your birth year
• Full benefits or reduced benefits

You may have known that the traditional retirement age is 65. Yes, it is true. Sixty-five years old has been the full retirement age for many years. It is still the retirement age if you were born in 1937 or below.

What is the Full Retirement Age?
The full retirement age is when you start receiving your full SSA retirement money. You will receive less money when you are still not at the full retirement age. At 62, you can get your retirement benefits but not full, only a reduced monthly benefit. Let us say you were born in 1943 or above, and you start getting the SSA benefits at:

• 62 - You will get less monthly money, not your full retirement benefit.
• 66 - This is the full retirement age for people born in 1943 and above. You will get 100% of your retirement benefits.
• 70 - if you started your benefits at age 66, you could get higher benefits at 70.

When Will the Retirement Age Rise?
Today, the retirement age has already been raised to 66 and gradually to 67. The retirement age goes up for every age group. There are many age groups; here are some examples:

• 66 is the full retirement age as of today for people born between 1943 to 1953
• People born in 1955 need to be 66 and 2 months old to get full retirement benefits.
• Those who are born in 1957 need to be 66 and 1/2 years old before getting their benefits
• Those born in 1960 and above need to wait until they age 67

Does Retirement Age Affect Your Medicare?
The answer is NO, and you can still get your medicare benefits even though you haven't reached your retirement age. You commonly don't have SSA to get your Medicare coverage. As you are planning to retire, Miami Gardens Medicare Coverage is the best choice you can make.

At Insurance Plans of America, we do our best to make sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (877) 752-6711 or Click Here to request a free quote. Topics and coverage discussed in this article are not guaranteed, consult with your agents to determine what your policy does and does not cover. We are more than happy to help!