1. If you don't save money for your retirement, you may be forced to continue working until you die, whether you want to or not. Retirement benefits from various sources can reduce the amount of work you need to do during retirement so that you can relax and enjoy your old age. In many cases, retirement benefits may be enough for you to retire fully. But, you should become familiar with the types of retirement benefits available to you. That is Advice by Alibaster smith

2. Definition of retirement Retirement benefits are financial instruments designed to help individuals after they stop working. Individuals typically receive retirement benefits in the form of regular cash installments or as protection in the form of insurance coverage

3. Definition benefit pension plan Benefit pension plan is a type of pension plan in which an employer/sponsor promises a specified monthly benefit on retirement that is predetermined by a formula based on the employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns.

4. Employer pension programs classified into two types: 1. Defined Contribution. (DC) 2. Defined Benefit. (DB)

5. Defined contribution. (DC) Defined contribution (DC) plan each employee has an account into which the employer and, if it is a contributory plan, the employee make regular contributions. Benefit levels depend on the total contributions and investment earnings of the accumulation in the account.

6. Defined Benefit. (DB) In a defined benefit (DB) plan the employee’s pension benefit entitlement is determined by a formula which takes into account years of service for the employer and, in most cases, wages or salary. Many defined benefit formulas also take into account the Social Security benefits to which an employee is entitled.

7. US Retirement History The rise of retirement was already documented by the social reformers of the 1920s and 1930s (e.g., U.S. Committee on Economic Security 1935) and is familiar to many researchers. These researchers generally agree on the trend in retirement rates but disagree on explanations, citing both factors that have enticed men out of the labor force, such as the growth of Social Security, private pension plans, and income, and factors that have driven them out, such as sectorial shifts in the composition of the labor force, poor job opportunities, and ill health.

8. Retirement age rules in US & UK First: UK Retirement age rule  Default retirement age (formerly 65) has been phased out - most people can now work for as long as they want to.  Retirement age is when an employee chooses to retire. Most businesses don’t set a compulsory retirement age for their employees.

9.  If an employee chooses to work longer they can’t be discriminated against.can’t be discriminated against  However, some employers can set a compulsory retirement age if they can clearly justify it.  It’s an employee’s responsibility to discuss when and how to retire with their employer. This could include phasing retirement by working flexibly. working flexibly

10. Second: US laws and regulations In the US, there are many laws and regulations concerning pension plans such as:  qualified DB plans must use pay that is the smaller of actual pensionable pay versus a dollar limit (called the 401(a)(17) limit) that changes yearly.  qualified DB plans must limit the dollar amount of the benefit paid from the plan under certain circumstances.

11.  Rules on distributions: lump sum must be no smaller than the lump sum calculated using mandated mortality and interest rate  spouse consent necessary for any non joint and survivor form of benefit (joint and survivor percent must be 50% or larger)  Rules against assignment, garnishment  Top heavy rules (IRC 416): benefits for all non highly compensated employees must be increased if the benefits for highly compensated employees are too large

12. What is social security ? Social Security is primarily the Old-Age, Survivors, and Disability Insurance ( OASDI ) federal program. The original Social Security Act (1935) and the current version of the Act, as amended, encompass several social welfare and social insurance programs. Social Security is funded through payroll taxes called Federal Insurance Contributions Act tax (FICA) and/or Self Employed Contributions Act Tax (SECA). Tax deposits are collected by the Internal Revenue Service (IRS) and are formally entrusted to the Federal Old-Age and Survivors Insurance Trust Fund.federalsocial welfaresocial insurancepayroll taxesFederal Insurance Contributions Act tax

13. Social Security and your retirement plans Social Security is part of the retirement plan of almost every American worker. If you are among the 96 percent of workers who are covered under Social Security, you should know how the system works and what you should receive from Social Security when you retire. what you should think about in deciding when to retire and why you should not rely only on Social Security for your retirement income.

14. Your retirement benefits When you work and pay Social Security taxes, you earn “credits” toward Social Security benefits. The number of credits you need to get retirement benefits depends on when you were born. If you were born in 1929 or later, you need 40 credits (10 years of work). If you stop working before you have enough credits to qualify for benefits, the credits will remain on your Social Security record. If you return to work later on, you can add more credits so that you qualify. We cannot pay any retirement benefits until you have the required number of credits.

15. How much will your retirement benefit be? Your benefit payment is based on how much you earned during your working career. Higher lifetime earnings result in higher benefits. If there were some years when you did not work or had low earnings, your benefit amount may be lower than if you had worked steadily.

16. You can get retirement benefit estimates You can use the online Retirement Estimator to get immediate and personalized retirement benefit estimates to help you plan for your retirement. The online Retirement Estimator is a convenient, secure and quick financial planning tool, because it eliminates the need to manually key in years of earnings information.

17. Full retirement age If you were born in 1944 or earlier, you are already eligible for your full Social Security benefit. If you were born from 1943 to 1960, the age at which full retirement benefits are payable increases gradually to age 67. The following chart lists the full retirement age by year of birth.

18. Age to receive full Social Security benefits Year of birthFull retirement age 1943-195466 195566 and 2 months 195666 and 4 months 195766 and 6 months 195866 and 8 months 195966 and 10 months 1960 and later67 NOTE: People who were born on January 1 of any year should refer to the previous year.

19. Early retirement You can get Social Security retirement benefits as early as age 62. However, you will receive a reduced benefit if you retire before your full retirement age. For example, if you retire at age 62, your benefit would be about 25 percent lower than what it would be if you waited until you reach full retirement age.

20. Delayed retirement You may choose to keep working even beyond your full retirement age. If you do, you can increase your future Social Security benefits in two ways. Each additional year you work adds another year of earnings to your Social Security record. Higher lifetime earnings may mean higher benefits when you retire.

21. Deciding when to retire Choosing when to retire is an important but personal decision. Regardless of the age you choose to retire, it is a good idea to contact Social Security in advance to learn the available options and make an informed decision. In some cases, your choice of a retirement month could mean higher benefit payments for you and your family.

22. If you work and get benefits At the same time You can continue to work and still receive retirement benefits. Your earnings in (or after) the month you reach your full retirement age will not reduce your Social Security benefits. However, your benefits will be reduced if your earnings exceed certain limits for the months before you reach your full retirement age.

23. A special monthly rule A special rule applies to your earnings for one year, usually your first year of retirement. Under this rule, you can receive a full Social Security check for any month you earn under a certain limit, regardless of your yearly earnings.

24. Leaving the United States If you are a U.S. citizen, you can travel to or live in most foreign countries without affecting your Social Security benefits. There are, however, a few countries where we cannot send Social Security payments. These countries are Azerbaijan, Belarus, Cuba, Georgia, Kazakhstan, Kyrgyzstan, Moldova, North Korea, Tajikistan. If you work outside the United States, different rules apply in determining you can get benefits.

25. pension extended backward to1850 and forward to 1990 Labor Force Participation Rates of Men Aged 65 and over, 1850-1990 in : United States Britain France Germany Notice: this participation rates for men aged 60-69 and 70 or older.

26. First country to start pension. Last country to start retirement. Minimum record retirement. Maximum record retirement.

27. Year us.Britain France Germany 185076.6 186076.0 188078 188173.6 1882 59 189073.8 189165.6 1895 58 I896 54.1 190065.4

28. Year us.Britain France Germany 1901 61.4 1907 52 191058.1 1911 56.9 51.1 192060.1 1921 58.9 53.5 I925 47.4 193058.0 1931 47.9 48.1 1933 29.2 1936 42.7

29. Year us.Britain France Germany I939 29.5 194043.5 195047.0 26.8 195 1 31.1 1954 36.2 1960 40.8 1961 24.4 22.9 1962 27.8 1970 35.2 17.2 1973 18.6 1975 10.6

30. Year us.Britain France Germany 1980 24.7 1982 5.0 1985 8.2 5.1 1989 3.5 I990 18.4

31. ENJOY YOUR OLD AGE WITH PENSION