A United States regional federal benefits officer yesterday spoke to more than 100 US citizens living in Bermuda about how they can best make use of the US Social Security Programme.

Vivian Adebayo, who is based in the US Embassy in San José, Puerto Rico, said the heart of the discussion revolved around the benefits offered by social security, particularly retirement benefits.

“There are about 300 beneficiaries in Bermuda and they receive about $3 million per year,” Ms Adebayo said.

“The retirement benefits are the ones that most people are interested in, usually in terms of when can they start receiving retirement. I always say they can retire any time they like, however for social security purposes, there are three times to consider.”

Speaking in the Bermudez Room at XL Catlin, Bermudiana Road. she explained that under the current system, the early retirement age is 62, however those who chose that option receive reduced benefits. The age of full retirement varies depending on when a person was born due to changes in the system over the years.

“Everyone has the age 65 in their head because that used to be the full retirement age,” she said. “For some of us, that 65 has moved up two years.”

She also noted the option of late retirement, which provides retirees an additional eight per cent each year that they choose not to claim benefits up to the age of 70.

Ms Adebayo also noted policies which allow dependants to take advantage of social security benefits for children, parents and partners, along with the eligibility for healthcare benefits under Medicare.

“You cannot use the Medicare programme overseas, so we reminded them that this was protection for when they return home or back in the United States,” she said. “It is a programme where if you want to be involved you do have to consider at the age of 65 if you want to avoid a penalty.”

She further said that those living on the Island receiving social security benefits must fill out a foreign enforcement questionary every year or risk having their benefits suspended.

“It’s just to see if anything has changed that might affect their entitlement,” she said. “We send the first questionary out in June and if they don’t respond, they get a second one in October. If they don’t respond, there’s a probability that their benefits will be suspended in February, so we recommend that they do fill them out and return it.”

Ms Adebayo also noted that there will not be an cost of living adjustment in this year, so those who are collecting benefits will receive the same amount in 2016 as they did this year.

She also said that Americans who have yet to reach retirement age and have a US mailing address can create an “My Social Security” account, which lets them look at the contributions they have made to help them determine how to move forward.