If you’re planning on retiring and want to make sure you qualify for Social Security pension the Social Security System has established some new guidelines that you should take a look at.
Emilio de Quiros, SSS President and Chief Executive Officer, says, “Members affected by the new policy must file an ‘Application for Voluntary Payment of Contributions for Members Aged 65 and Over’ within the prescribed period so they can complete their 120 contributions and be eligible for a retirement pension. Otherwise, they can only receive a lump sum benefit instead of the lifetime SSS pension.”
The new guidelines indicate that folks who turn 65 years of age or older after April 1, 2013 can continue to pay contributions to qualify for retirement pension. But in order to qualify they may have been covered by SSS by the age of 55 or earlier with 80 monthly contributions by age 65.
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