| The full or normal retirement age is a benchmark | | | | benefits. |
| used for the provision of retirement benefits (or | | | | Recipients of NIS pensions in Trinidad and Tobago |
| full retirement benefits) in a state or country. It | | | | are not entitled to State Benefits (the parallel to |
| may not necessarily be the mandatory retirement | | | | Social Security). Those who qualify for the state |
| age, especially as the mandatory retirement age | | | | benefit must be at least 65 years old and without |
| is contextually derived (based on occupation or | | | | any other source of retirement income. In |
| location for example). In some states or | | | | Trinidad and Tobago, the F.R.A. can be either 60 |
| countries, the full retirement age (F.R.A.) may | | | | or 65-dependent on the pension benefits for |
| coincide with the mandatory retirement age. | | | | which you qualify. |
| In the United States, it inextricably links to | | | | As far as Social Security in the United States, the |
| maximum Social Security benefits. For years, the | | | | full retirement age determines the size of the |
| full retirement age for Social Security was age 65, | | | | benefit you receive. Reductions in the Social |
| with the minimum age at which retirees could | | | | Security benefit are based on how close you are |
| receive Social Security benefits being 62 years. | | | | to the F.R.A. In other countries, the F.R.A. |
| The 1983 Social Security Amendments contained | | | | determines eligibility primarily, unlike the US where |
| a proviso for marginal increases in the F.R.A. | | | | there is a difference between the eligible age and |
| (from 65) for those born after 1938. | | | | the age at which you get full benefits. |
| The United States Congress introduced the | | | | As a benchmark, the full retirement age marks |
| amendments in light of increasing life expectancy | | | | the age at which someone who is receiving a |
| and improvements in health and healthcare of | | | | disability benefit will cease to receive that benefit. |
| senior citizens. As a result, your F.R.A. is | | | | Instead, that person will receive a retirement |
| dependent on your year of birth. The lowest full | | | | benefit (or senior citizen grant). |
| retirement age remains 65 but the benchmark for | | | | There is considerable debate over the merits and |
| those born after 1960 is only 67 years. Click here | | | | demerits of waiting to receive full Social Security |
| to determine what your full retirement age is. | | | | benefits at the full retirement age. Although early |
| In other countries, the full retirement age may be | | | | recipients (between 62 and the full retirement |
| dependent on your eligible benefits. In Trinidad and | | | | age) will receive a significantly reduced benefit, the |
| Tobago, for example, the majority of the | | | | nominal amount received over the longer period |
| working population contributes to the National | | | | will be greater. In any event, knowing and |
| Insurance Scheme (NIS). This entitles them to a | | | | understanding the impact of the F.R.A. on your |
| pension benefit at the age of 60- dependent on | | | | retirement/pension benefits is an integral part of |
| the contribution level. Therefore, early retirees | | | | proper planning for retirement. |
| have to wait until 60 to receive NIS retirement | | | | |