Age to Receive Full Social Security Retirement Benefits
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The following is a list of the United States Social Security
Administration's official retirement ages. The full retirement
age is important as it determines when an individual will
qualify for full social security retirement benefits. The
Full Retirement Age (FRA) for receiving Social Security Benefits
has been increasing gradually since Social Security benefits
became effective. The FRA - Full Social Security Retirement
Age began at age 62 and has increased to age 67. It is virtually
certain that the Social Security FRA will continue to creep
up as financial resources continue to become strained with
a rapidly growing elderly population. Those born in 1960 or
later will have to wait till they reach the age of 67 before
they qualify for a full social security retirement benefit.
It is possible to qualify for an early retirement benefit
at an earlier age, but the benefit will be substantially reduced.
As a general rule it is not advisable to begin drawing social
security benefits at an early age - if it is possible to avoid
it. By doing so you stand to forfeit thousands or even tens
of thousands of dollars over the course of your remaining
life. According to the Social Security Administration you
can expect to lose thirty percent of your income by beginning
to draw retirement benefits 5 years ahead of schedule. So
if you are scheduled to draw retirement benefits at age 67
but opt instead to file for social security benefits at the
age of 62, then you will receive benefits but at a level that
is 30% less than what you would have received by waiting till
your FRA Full Retirement Age. If you file 4 years ahead of
schedule you can plan to receive a 25% reduction in your benefits.
A three year early retirement will cost you 20% of your income,
and so on. It makes a lot of sense to wait till you reach
your Full Retirement Age FRA before you file for Social Security
Benefits.
Conversely, if you are in a position to delay your filing
for social security benefits till some years after you qualify
for full benefits, you will enjoy a higher level of monthly
and yearly income for the balance of your life. Many elderly
people will continue to work past the age of 70 in order to
ensure a higher level of social security income through their
remaining retirement years.
Year of Birth: |
Full Retirement Age (FRA): |
1937 or earlier |
65 |
1938 |
65 and 4 months
|
1939 |
65 and 6 months
|
1940 |
65 and 6 months
|
1941 |
65 and 8 months
|
1942 |
65 and 10 months
|
1943 - 1954 |
66
|
1955 |
66 and 2 months
|
1956 |
66 and 4 months
|
1957 |
66 and 6 months
|
1958 |
66 and 8 months
|
1959 |
66 and 10 months
|
1960 and later |
67
|
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