RETIREMENT BENEFITS
\ɹɪtˈa͡ɪ͡əmənt bˈɛnɪfˌɪts], \ɹɪtˈaɪəmənt bˈɛnɪfˌɪts], \ɹ_ɪ_t_ˈaɪə_m_ə_n_t b_ˈɛ_n_ɪ_f_ˌɪ_t_s]\
Definitions of RETIREMENT BENEFITS
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Under the Social Security system, an amount of money available to those who reach age 62 -- equivalent to a small percentage of worklife earnings. For a single person first claiming retirement benefits in 1997, the average monthly benefit was about $750; $1,250 for a couple. A single person with a high earnings record claiming retirement benefits in 1997 at age 65 would receive about $1,250 per month; $1,800 for a couple. These benefits increase yearly with the cost of living -- and the amount is higher the longer a person waits to claim the benefit, up to age 70.
By Oddity Software
