Sentences with phrase «normal retirement benefit»

Begin with the fact that your normal retirement benefit is payable beginning when you reach full retirement age.

The Detailed Calculator has many features which are not necessary for normal retirement benefit estimates.

If you are estimating a normal retirement benefit, then you may want to try using the Retirement Estimator first, because it is easier to use than the Detailed Calculator and does not require you to enter your earnings record.

Half of all Americans who teach in public schools won't qualify for even a minimal pension benefit, and less than one in five will remain long enough to earn a normal retirement benefit.

The authors estimate that half of all Americans who teach in public schools won't qualify for even a minimal pension benefit, and less than one in five will remain long enough to earn a normal retirement benefit.

In Washington, D.C., and 10 states — Arizona, Colorado, Maine, Mississippi, Nebraska, New Hampshire, South Dakota, Texas, Vermont, and Wyoming — fewer than 10 percent of new teachers are expected to remain in the state system long enough to be eligible for normal retirement benefits.

Normal Retirement Date - The date when a participant may begin receiving normal retirement benefits under a pension plan.

Not exact matches

The RSC budget make Social Security sustainably solvent by implementing a slightly modified version of Representative Sam Johnson's (R - TX) «Social Security Reform Act,» which would slow initial benefit growth for higher earners, gradually raise the normal retirement age to 70, and eliminate annual cost - of - living adjustments for higher earners while using the more accurate chained Consumer Price Index (CPI)(currently used for the tax code) for other beneficiaries.

This affects not only those who receive retirement benefits, but also Canadians who perceive the age of 65 or 67 as the normal retirement age.

If you were born between 1943 — 1954 then as a percentage, if you retired at your normal retirement age (NRA), you receive 100 % of your benefit which in $ terms the max is $ 2,639.

If you retired at age 70 (max retirement age) then you will receive 132 % of your normal retirement age benefit, which the max amount for that age is $ 3,576.

No matter what your full retirement age (also called «normal retirement age») is, you may start receiving benefits as early as age 62 or as late as age 70.

Once you reach your normal retirement age (currently 66 for new beneficiaries), you can collect half of your spouse's benefit — whether or not you continue to work — and then claim your own larger benefit later.

Once you reach your normal retirement age, you can earn any amount without affecting your benefits.

At that point, you can switch to your own benefit, which will be worth 132 % of what it would have been at your normal retirement age.

If you collect a reduced benefit before your normal retirement age, Social Security will automatically give you the largest benefit available to you, whether it's based on your own work record, your spouse's record or a combination of the two.

If you were born between 1943 and 1954, your normal retirement age for full retirement benefits is 66; that age rises if you were born later.

If you wait until your normal retirement age to collect benefits, you can claim spousal benefits only on your ex's earnings record while your own benefits earn delayed - retirement credits.

As long as she has reached at least normal retirement age, her survivor benefit will not be reduced, but her own retirement benefit will disappear.

Alternatively, the normal retirement age when you qualify for full benefits could be raised from its current age of 66.

«When people say wait for normal retirement age or 70 so you can get most out of it, they mean maximizing the financial benefit.

Savings could be made by raising the normal retirement age and reducing the rate at which pension benefits are earned.

Under a continuous career, our hypothetical teacher would obtain 30 years of service by age 55, qualifying her for «normal» retirement benefits immediately at 75 percent of final average salary.

At this point, a teacher's salary has climbed the final few, steep steps on the pay scale: she is most likely at her «normal retirement age» and her pension benefits peak.

Pushing workers out at the normal retirement age is a defining feature of all defined - benefit plans (including Social Security), and the ones states offer to teachers are no exception.

It's not until they get closer to their plan's normal retirement age — usually after 30 years or more for a 25 - year - old teacher — that teachers begin to rapidly accrue benefits.

On one side, it could encourage teachers who are a few years short of normal retirement age to stick it out in a job they are less than invested in, just to maximize their pension benefits.

These formulas translate into a back - loaded structure where benefits are low for many years until, as teachers near their normal retirement age, their pension wealth accelerates rapidly.

As with teachers, traditional defined benefit plans create strong incentives for administrators nearing normal retirement to continue on the job until their pension wealth peaks, and the turnover rates from the principal survey confirm this trend.

Tier 2 offers worse benefits for new teachers: it has a higher minimum service requirement (up from five to 10 years, making it more difficult for new teachers to qualify for a minimum benefit), a higher normal retirement age (meaning teachers have fewer years to collect pension payments over a lifetime), a less generous pension formula (calculating the final average salary from the last eight years of service instead of just four), and a lower COLA.

Depending on a teacher's years of service, his benefits are reduced by 4 percent to 6 percent each year younger than his normal retirement age.

Benefit payments may not be made until the member has been terminated for 3 calendar months, except the college may authorize a distribution of up to 10 percent of the member's account after the member is terminated from employment with all Florida Retirement System participating employers for 1 calendar month if the member has reached the normal retirement date as defined in s. 121.021.

Today, the normal retirement age (the age when a teacher can begin receiving an unreduced pension benefit) in New York and New York City is age 63.

Teachers nearing their state's normal retirement age consistently respond to this disincentive and leave the classroom to maximize their benefits.

In a traditional defined benefit plan, benefits are heavily backloaded; teachers receive minimal benefits in their early years but quickly earn substantial benefits as they near their plan's prescribed «normal retirement age.»

If the vast majority of workers remained in one pension plan for the life of their career, the back - loaded nature of defined benefits would create some perverse incentives around the normal retirement age (where pension wealth comes to a steep spike), but it wouldn't matter that the employee was accumulating very little early in their career.

to take any action otherwise prohibited under subsections (a), (b), (c), or (e) of this section where age is a bona fide occupational qualification reasonably necessary to the normal operation of the particular business, or where differentiation is based on reasonable factors other than age; to observe the terms of a bona fide seniority system or any bona fide employee benefit plan such as a retirement, pension, or insurance plan, which is not a subterfuge to evade the purposes of this Act, except that no such employee benefit plan shall excuse the failure to hire any individual; or to discharge or otherwise discipline an individual for good cause

For persons born from 1943 to 1954, normal retirement age is 66, and delaying benefits increases your final benefit by 8 percent per year — a total of 32 percent by age 70.

After reaching normal retirement age, earnings no longer reduce the monthly benefit.

Delaying benefits until after normal retirement age increases this amount by about 8 % per year, up to age 70.

For example, some couples may decide to claim one spouse's Social Security benefits at normal retirement age, while delaying the other spouse's benefits until age 70 to allow the second monthly payment to grow.

Also, the PIA calculation assumes benefits are taken at the normal retirement age.

That is, the so - called increase in the Social Security monthly benefit if you delay taking benefits beyond your normal retirement age is at least in part due to the fact that a «fixed pot of money» is being divided into larger chunks at age 70 (fewer months to live) than at age 67 (more months to live).

If you're between 60 and 64 in 2014 and plan to start receiving benefits before the normal retirement age of 65, CIBC suggests applying by Dec. 31, 2014.

If your spouse already receives benefits, ask them what their benefit would be if it started at their full (or normal) retirement age.

Then, in 2013, the DOL expressed its intention to pass regulations that would require DC plans to describe participants» total benefits accrued, including a projected account balance at their normal retirement age and a lifetime income stream illustration.

However, for Social Security purposes, your normal retirement age — the age at which you can collect unreduced Social Security retirement benefits — ranges from 65 to 67, based on your date of birth.

A spousal benefit is reduced 25/36 of one percent for each month before normal retirement age, up to 36 months.

For example, if the worker's primary insurance amount is $ 1,600 and the worker's spouse chooses to begin receiving benefits 36 months before his or her normal retirement age, we first take 50 percent of $ 1,600 to get an $ 800 base spousal benefit.

The benefit amount for case B, assuming that benefits begin exactly at normal retirement age of 66 years, is not reduced except for rounding down to the next lower dollar.