
What Is “Full Retirement Age”?
“Full retirement age” was established at 65 years of age in the Social Security Act of 1935, but since 1935, our life expectancies have improved, the Social Security program has evolved, and “full retirement age” is now different for everyone.
What is full retirement age?
The most straightforward definition of full retirement age is the age when you are eligible for unreduced Social Security benefits.
What is MY full retirement age?
Born between 1943 and 1954? Full retirement age is 66.
Born between 1955 to 1960? Full retirement age increases gradually up to age 67.
Born since 1961? Full retirement age is 67.
If you take it earlier than full retirement age, you reduce your benefit.
You are allowed to start receiving Social Security benefits as early as age 62.
However, when you start receiving Social Security before your full retirement age, the monthly benefit is reduced. The earlier you start receiving benefits, the more it’s reduced.
If you take it later than full retirement age, you increase your benefit.
The longer you wait to take Social Security, the more benefits you will receive each month. This applies up to age 70.
Once you reach 70, the monthly benefits no longer increase. The only increases at age 70 would be any cost-of-living adjustments the Social Security Administration may implement.
Thought you had to sign up for Social Security at age 65?
Many people ask about retiring at age 65. Age 65 was the original full retirement age in the Social Security Act of 1935, but today, the age of 65 has no significance for receiving Social Security.
It does have significance in one regard, and that is the age to receive Medicare. Age 65 is the age when Americans are required to sign up for Medicare, but age 65 is not a meaningful age for Social Security – only Medicare.
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