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Fulton Bank Retirment

How Retirement Benefits Work

Social Security is part of the retirement plan for almost every American worker. It provides replacement income for qualified retirees and their families. This section of our website helps you better understand the program, the application process, and the online tools and resources available to you.Social Security replaces a percentage of a worker’s pre-retirement income based on their lifetime earnings. The portion of your pre-retirement wages that Social Security replaces is based on your highest 35 years of earnings and varies depending on how much you earn and when you choose to start benefits.

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Retirement

Before you start planning.

Planning is the key to creating your best retirement. You’ll need to plan and save for years to achieve your retirement goals. While many factors affect retirement planning, we want you to understand what Social Security can mean to you and your family’s financial future. Social Security Should Be Just One Part Of Your Retirement Plan On average, retirement beneficiaries receive 40% of their pre-retirement income from Social Security. As you make your retirement plan, knowing the approximate amount you will receive in Social Security benefits can help you determine how much other retirement income you’ll need to reach your goals.

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Retirement Benefit

Reaching Full Retirement Age.

Choosing when to start receiving retirement benefits is a personal decision. If you choose to retire begin receiving benefits when you reach your full retirement age, you’ll receive your full benefit amount. We will reduce your benefit amount if you retire start benefits before reaching full retirement age. To make an informed choice, consider the following factors as you think about when to start your Social Security benefits. What Age Should You Start To Receive Benefits? The age you begin collecting your retirement benefit affects how much you will receive. There are three important things to know about age when thinking about when to start your benefits.

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Full Retirement Age

Delayed Retirement Age?

Early Retirement Age You can get Social Security retirement benefits as early as age 62. However, your benefit is reduced if you start receiving benefits before your full retirement age. Understand how claiming retirement benefits early will affect your benefit amount. Delayed Retirement Age When you delay collecting benefits beyond your full retirement age, the amount of your retirement benefit will continue to increase up until age 70. There is no incentive to delay claiming after age 70.