Why is pension age 65

Other circumstances The pension plan also pays benefits in other circumstances: Termination with vested benefits. If you leave employment after becoming vested, you may receive a benefit from the plan as early as age 55 monthly payments before age 65 are reduced. If you die after becoming vested but before you retire, the plan pays a benefit, based on accrued pension credits and your marital status at the time of death: Your spouse will receive 75 percent of the adjusted benefit that would have been paid if you had retired on the date of your death, or 50 percent of the total pension credits accrued on the date of your death — whichever is greater.

If you are single, your dependent children, parents, or siblings may be eligible for 50 percent of total pension credits accrued on the date of your death. Return to work after retirement. Income you receive from part-time work in retirement counts as 'taxable income'— along with income from your State Pension, personal or company occupational pensions and from certain taxable benefits.

If your overall taxable income is more than your tax-free allowances you'll be taxed at the usual Income Tax rates on the difference.

However you might earn more before paying tax. You don't pay any National Insurance when you're over State Pension age. For people who reached 65 before 6 April , there is a higher tax-free personal allowance. You may also qualify for other allowances that can reduce your tax bill. You are still entitled to the National Minimum Wage for any paid work you do after you reach State Pension age. If you reached the age at which you can start claiming your workplace pension scheme, you don't need to stop work in order to claim.

You have a number of options, including taking some of the pension you've built up while continuing to work for the same employer. Staff at the Northern Ireland Pension Centre can tell you how income from paid work will affect your Pension Credit and other benefits.

They can also advise you on how putting off claiming your State Pension might affect your benefit entitlement. We will not reply to your feedback. Don't include any personal or financial information, for example National Insurance, credit card numbers, or phone numbers.

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If you have a comment or query about benefits, you will need to contact the government department or agency which handles that benefit.

Which leads to the seemingly obvious conclusion that the retirement age be transitioned over the next decade or so to 70 or higher as medical advances increase both quality and length of life.

Not only does raising the retirement age solve a great many Social Security and worker shortage issues it is also fair. Basically since they were Now, with much more education, the average age to join the workforce would be closer to 20 so people would still be working 50 years until retirement. And we must admit as tedious as our jobs are there are few dangerous, toxic, back breaking jobs anymore.

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