What is my full retirement age under Social Security?
zobiaWhat is my full retirement age under Social Security?
Full retirement age is the age at which you are entitled to receive 100% of your Social Security benefits, which are calculated by your lifetime earnings. It is gradually increasing, from 66 years and 4 months for people born in 1956 to 66 years and 2 months for those born in 1957, to 67 for those born after 1960.
Those dates apply to retirement benefits you earned from working and spousal benefits, which your husband or wife can collect based on your work history. They are a bit different than survivor benefits, which you can claim if your spouse dies. The full retirement age for survivors is 66 for those born in 1956 and gradually increases to 67 for people born after 1962.
Notice that
- Claiming benefits before you reach full retirement age will lower your monthly payments. The earlier you apply (you can start receiving them at age 62), the more your benefits will be reduced. Spousal and survivor benefits are also reduced if you apply before reaching full retirement age.
- You can increase your retirement benefits if you apply after full retirement age. For each month you postpone applying, until age 70, you accumulate deferred retirement credits that increase your future benefits.
Starting your retirement benefits at an early age
You can start receiving your Social Security retirement benefits at age 62. However, you are entitled to full benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age until age 70, your benefit amount will increase.
If you start receiving benefits early, your benefits are reduced by a small percentage for each month before your full retirement age.
To find out how much your benefit will be reduced if you start receiving benefits from age 62 to full retirement age, use the table below and select your year of birth. This example is based on an estimated monthly benefit of $1,000 at full retirement age. What Is the Full Retirement Age?
Benefits at full retirement age and at age 62 based on year of birth
- If you were born on January 1, you must refer to the previous year.
- If you were born on the 1st of the month, we calculate your benefit (and your full retirement age) as if your birthday were the previous month. If you were born on January 1, we calculate your benefit (and your full retirement age) as if your birthday were in December of the previous year.
- You must be at least 62 for the entire month to receive benefits.
- Percentages are approximate due to rounding.
- The maximum benefit for the spouse is 50 percent of the benefit the worker receives at full retirement age. The monthly percentage reduction for the spouse does not automatically include the 50 percent reduction. Percentages are approximate due to rounding.
Before taking a decision.
There are advantages and disadvantages to receiving your benefit before your full retirement age. The advantage is that you receive benefits for a longer period of time. The downside is that your benefit will be reduced. Each person's situation is different. It's important to remember:
- If you delay your benefits until after full retirement age, you will be entitled to delayed retirement credits that would increase your monthly benefit.
- That there are other things to consider when making the decision about when to start receiving your retirement benefits.
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