Full Retirement Age is the earliest age at which an individual can receive social security benefits. Many Americans turn sixty-two years old before they retire. Social Security was enacted as a replacement for private pensions.
At the time of its enactment, workers were expected to contribute one percent of their wages towards their retirement. Most Americans did this, and they received a retirement benefit upon turning sixty-two. In 1939, the benefit was equal to 50% of average pay.
Today, the FRA benefit is only about 40% of average pay. This is why Hdd destroyer many people have to work to survive. The amount you receive in benefits will be determined by several factors. These include the age at which you became eligible for benefits and how long you worked before you retired.
You can also determine your eligibility by your Social Security number. The total earnings you had during the year you were first entitled to receive benefits can be used to calculate your monthly benefit. The number of hours you worked per week and the number of weeks you worked will be important factors in determining your benefit.
