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Full Retirement Age of Social Secuirty

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Full Retirement Age of Social Secuirty

Postby chicagotech » Tue Oct 24, 2017 5:03 pm

Quoted from online:
Social Security's full-benefit retirement age is increasing gradually because of legislation passed by Congress in 1983. Traditionally, the full benefit age was 65, and early retirement benefits were first available at age 62, with a permanent reduction to 80 percent of the full benefit amount. Currently, the full benefit age is 66 for people born in 1943-1954, and it will gradually rise to 67 for those born in 1960 or later. Early retirement benefits will continue to be available at age 62, but they will be reduced more. When the full-benefit age reaches 67, benefits taken at age 62 will be reduced to 70 percent of the full benefit and benefits first taken at age 65 will be reduced to 86.7 percent of the full benefit.

If You Were Born Between 1943 And 1954, Your full retirement age is 66

Remember, the earliest a person can start receiving Social Security retirement benefits will remain age 62.

If you start receiving retirement benefits at
•age 62, you will get 75% of the monthly benefit because you will be getting benefits for an additional 48 months.
•age 65, you will get 93.3% of the monthly benefit because you will be getting benefits for an additional 12 months.

If you start receiving benefits as a spouse at your full retirement age, you will get 50% of the monthly benefit your spouse would receive if their benefits started at full retirement age. If you start receiving benefits at
•age 62, you will get 35% of the monthly benefit instead of 50% because you will be getting benefits for an additional 48 months.
•age 65, you will get 45.8% of the monthly benefit instead of 50% because you will be getting benefits for an additional 12 months.



If You Were Born In 1960 Or Later, Your full retirement age Is 67

Remember, the earliest a person can start receiving Social Security retirement benefits will remain age 62.

If you start receiving retirement benefits at
•age 62, you will get 70% of the monthly benefit because you will be getting benefits for an additional 60 months.
•age 65, you will get 86.7% of the monthly benefit because you will be getting benefits for an additional 24 months.

If you start receiving benefits as a spouse at your full retirement age, you will get 50% of the monthly benefit your spouse would receive if their benefits started at full retirement age. If you start receiving benefits at
•age 62, you will get 32.5% of the monthly benefit instead of 50% because you will be getting benefits for an additional 60 months.
•age 65, you will get 41.7% of the monthly benefit instead of 50% because you will be getting benefits for an additional 24 months.
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Re: Full Retirement Age of Social Secuirty

Postby chicagotech » Tue Oct 24, 2017 5:18 pm

Full retirement age (also called "normal retirement age") had been 65 for many years. However, beginning with people born in 1938 or later, that age gradually increases until it reaches 67 for people born after 1959.

Retirement Age Calculator link: https://www.ssa.gov/planners/retire/ageincrease.html
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