Within America, claiming of Social Security retirement benefits is made possible once one attains the age of 62. Nevertheless, this will result in obtaining low payments by filing too early. The only way to get the full 100% benefits out of your Social Security is to fill the form the time you reach the Full Retirement Age (FRA).
The ones still working after completing their Full Retirement Age and do not file for Social Security will be rewarded with delayed credits. This means that, they can get an interesting 24% extra per month if they file when 70 years old.
Social Security’s list of Full Retirement Age by year of birth
Year of birth & FRA:
- 1943-1954: Full Retirement Age at 66
- 1955: Full Retirement Age at 66 and 2 months
- 1956: Full Retirement Age at 66 and 4 months
- 1957: Full Retirement Age at 66 and 6 months
- 1958: Full Retirement Age at 66 and 8 months
- 1959: Full Retirement Age at 66 and 10 months
- 1960 and later: Full Retirement Age at 67
The Social Security Administration states that if you were born on January 1st, you should refer to the previous year instead. Anyway, you can always download a Statement and it will show you more detailed information about your FRA and possible future payment amounts.
Social Security’s FRA is no longer 65
As the list that mentioned certain periods has been presented, you are going to be of age at full retirement status at 67. By the way, the thing that you should not overlook is the one to be completed by 65 years old.
The persons who have taken heed to postpone the time of the social security check until they turn 65 may henceforth be compelled to request Medicare to be issued to them. It is necessary to make the Medicare application at least 3 months in advance of your 65th birthday.
Behave yourself not to miss this time limit. In this case, you may need to pay an additional amount of money. Keep in mind the fact that those who put off their applying for Medicare (Part B) and drugs (Part D) may need to pay more.
What is Full Retirement Age?
Full retirement age is the age when you become eligible to receive your full Social Security retirement benefit. Claiming benefits before your FRA results in reduced monthly payments, while delaying beyond your FRA can increase your benefits up to age 70.
Why Does Full Retirement Age Vary?
The Social Security Administration (SSA) aligned the FRA with the growing life expectancy rate and adjusts in the workforce demographic. Initially, the FRA was 65. Nevertheless, a 1983 law went on to bolster the FRA slowly for those folks born subsequent to 1937.
Full Retirement Age by Year of Birth
| Year of Birth | Full Retirement Age |
|---|---|
| 1937 or earlier | 65 |
| 1938 | 65 and 2 months |
| 1939 | 65 and 4 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 or later | 67 |
Key Takeaways
- Once you start claiming Social Security before your FRA, you will receive a reduced payment of 25%-30%.
- If you delay taking benefits until after your FRA, you will get an increase of 8% per year until you’re 70.
- Besides ensuring maximum payout of your Social Security benefit, knowledge of FRA allows for better preparation for a comfortable post-retirement life.
Example Scenarios
| Claiming Age | Monthly Benefit Impact |
|---|---|
| Before FRA (62-65) | Reduced Benefits (Up to 30%) |
| At FRA (65-67) | Full Benefits |
| After FRA (68-70) | Increased Benefits (Up to 32%) |
Understanding your Social Security full retirement age is a key component of a well-rounded retirement plan. Use the provided tables to determine your FRA and make informed decisions about when to claim your benefits.
FAQs:- Social Security Full Retirement Age List by Year of Birth
Q. What is Full Retirement Age (FRA)?
A. It’s the age when you can claim full Social Security benefits.
Q. Why Does FRA Matter?
A. Claim before FRA? Benefits reduced.
Q. Can I Claim Early?
A. Yes, from age 62 – but you’ll get lower monthly payments forever.