The Social Security retirement age chart shows the full retirement age (FRA) for individuals born in different years. The FRA is the age at which you are entitled to receive your full Social Security retirement benefit, based on your lifetime earnings. If you retire before your FRA, your benefit will be reduced, and if you delay retirement past your FRA, your benefit will be increased.
Here is the Social Security retirement age chart:
- For individuals born between 1943 and 1954, the FRA is 66.
- For individuals born in 1955, the FRA is 66 and 2 months.
- For individuals born in 1956, the FRA is 66 and 4 months.
- For individuals born in 1957, the FRA is 66 and 6 months.
- For individuals born in 1958, the FRA is 66 and 8 months.
- For individuals born in 1959, the FRA is 66 and 10 months.
- For individuals born in 1960 or later, the FRA is 67.
Note that you can choose to start receiving your Social Security retirement benefits as early as age 62, but your benefit amount will be permanently reduced if you start receiving benefits before your FRA. Conversely, if you delay receiving benefits past your FRA, your benefit amount will be permanently increased. The amount of the increase varies depending on the year you were born, but it ranges from 6.0% to 8.0% per year.
It’s important to carefully consider your retirement options and the potential impact on your Social Security benefit before deciding when to start receiving benefits. You can use the Social Security Administration’s online calculators to estimate your retirement benefits based on different retirement scenarios.
Here are some frequently asked questions (FAQs) regarding the Social Security retirement age chart:
Q: Can I start receiving Social Security retirement benefits before my full retirement age?
A: Yes, you can start receiving Social Security retirement benefits as early as age 62, but your benefit amount will be permanently reduced if you start receiving benefits before your full retirement age.
Q: Can I delay receiving Social Security retirement benefits past my full retirement age?
A: Yes, you can delay receiving Social Security retirement benefits past your full retirement age, and your benefit amount will be permanently increased. The amount of the increase varies depending on the year you were born, but it ranges from 6.0% to 8.0% per year.
Q: Can I work and receive Social Security retirement benefits at the same time?
A: Yes, you can work and receive Social Security retirement benefits at the same time, but if you are younger than your full retirement age and earn more than a certain amount, your benefits may be reduced. Once you reach your full retirement age, there is no earnings limit, and you can work and receive your full Social Security retirement benefit.
Q: Can I receive Social Security retirement benefits if I have never worked?
A: You may be eligible for Social Security retirement benefits based on your spouse’s or ex-spouse’s work record, or based on a deceased spouse’s work record. Additionally, you may be eligible for Supplemental Security Income (SSI) if you have low income and resources.
Q: How do I apply for Social Security retirement benefits?
A: You can apply for Social Security retirement benefits online, by phone, or in person at your local Social Security office. It’s recommended to apply for benefits about three months before you want to start receiving them.