Early retirement refers to the act of leaving one's job before reaching the normal retirement age, and meeting certain minimum requirements related to age and years of service. This often results in a reduction of the monthly retirement benefit received.
Early-retirement benefits are benefits a person is entitled to when retiring before the formal retirement age. Early retirement is increasingly common in the United States.
Retirement age is the designated age at which an individual becomes eligible to retire and begin receiving retirement benefits. This can include several variations such as normal, early, deferred, and automatic retirement.
The entitlement of a pension plan participant to receive full benefits upon reaching the normal retirement age or a reduced benefit upon early retirement, regardless of their employment status with the same employer.
