To make sure you receive the correct benefits when you retire, keep a record of all the information given to you about your pension plan and your benefits. For most people the average retirement age is 65, but it can vary. If you are able to retire early, you may receive a lower monthly benefit. Defined Benefit Pensions . When you order, you'll also receive a free Consumer Information Catalog listing more than 200 free and low-cost federal publications on a variety of consumer topics.
Retirement offers many new opportunities.
With a little planning, you can do all the things you've rarely had the time to do. A pension offers you the financial security to enjoy these opportunities. A defined benefit plan promises to pay retired workers a specific monthly benefit that continues for the rest of their lives. The amount is known in advance and usually based on factors such as age, salary, and years of service. Surviving spouses also can receive a benefit for the rest of their lives.