Full retirement age, also called normal retirement age, was 65 for many years. In 1983, Congress passed a law to gradually raise the age because people are living longer and are generally healthier in older age.
These changes have led to many people being confused about what their full retirement age is to receive 100% of their social security benefits

In this Retirement Tuesday Tip video we will help you know what your Full Retirement Social Security Benefit age is based on the year you were born.

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What is My Full Retirement Age?

Retirement is a significant milestone in one’s life that requires careful planning and understanding. One crucial aspect to consider when making retirement plans is determining your full retirement age (FRA). It is essential to know when you are eligible to receive full Social Security retirement benefits, as it can impact your financial stability during your golden years.

Full retirement age is the age at which you can claim your full Social Security retirement benefits without any reduction or penalty. It varies depending on the year you were born. The Social Security Administration (SSA) established the FRA to ensure fairness and provide individuals with reasonable time to financially prepare for retirement.

For individuals born before 1938, the full retirement age is 65. However, for those born after that, the FRA gradually increases, primarily due to the increasing life expectancies observed in the population. The changes are as follows:

– If you were born between 1938 and 1959, the FRA incrementally increases two months for every year. For example, if you were born in 1943, your FRA would be 66 years and nine months.
– For individuals born in 1960 and onwards, the full retirement age is 67.

It is crucial to note that claiming Social Security benefits before reaching your full retirement age will result in a reduction in your monthly payments. This reduction is calculated using a formula that considers the number of months before your FRA that you claim benefits.

On the other hand, delaying claiming Social Security benefits beyond your full retirement age can increase the amount of your monthly payments. The increase is calculated using a formula that takes into account the number of months you delay claiming from your FRA up until the age of 70.

Understanding your full retirement age serves as a guide to help you make informed decisions about when to start claiming Social Security benefits. You may choose to start receiving benefits as early as age 62, but your monthly payments will be permanently reduced. On the contrary, if you can afford to wait until after reaching your full retirement age, you will receive higher monthly payments.

Consider your financial situation, health, and personal circumstances when deciding whether to claim Social Security benefits early or wait until reaching your full retirement age. It is also advisable to consult with a financial advisor or planner who can help you assess your options and determine the best strategy for maximizing your retirement income.

To determine your specific full retirement age, you can refer to the SSA’s official website or consult the Annual Social Security statement mailed to you each year. The statement provides useful information about your earnings history, estimated retirement benefits, and information about disability and survivor benefits.

In conclusion, determining your full retirement age is a vital step in planning for a secure and comfortable retirement. Knowing when you are eligible to receive full Social Security benefits enables you to make informed decisions regarding the timing of your retirement and when to claim your benefits. Take the time to understand your full retirement age and consider seeking professional advice to ensure you make the most of your retirement years.