Social Security’s full retirement age is when you qualify for 100 percent of your benefit, at age 66 or 67, depending on when you were born. You’ll earn even more if you wait till age 70….(read more)

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Social Security is a government-run program that provides monetary benefits to eligible individuals during their retirement years. One of the most important factors when it comes to receiving Social Security benefits is your Full Retirement Age (FRA).

The Full Retirement Age is the age at which you are eligible to receive full Social Security benefits. It is determined by your birth year and is not the same for everyone. For those born before 1938, the FRA is 65. However, for those born after 1938, the FRA gradually increases in two-month increments until it reaches 67 for those born in 1960 or later.

Knowing your Full Retirement Age is important because it affects the amount of benefits you receive. If you choose to start receiving benefits before your FRA, your monthly payments will be reduced. On the other hand, if you delay taking benefits until after your FRA, your monthly payments will increase. This age-based system is designed to encourage individuals to work longer and delay retirement, as well as to ensure the long-term sustainability of the Social Security program.

It is important to note that you do not have to retire or stop working when you reach your Full Retirement Age. You can continue working and still receive your Social Security benefits. Additionally, you have the option to defer taking benefits even past your FRA, which can result in even larger monthly payments when you do decide to start receiving them.

In conclusion, the Full Retirement Age for Social Security is the age at which you are eligible to receive full benefits. It is determined by your birth year and can have a significant impact on the amount of benefits you receive. Understanding your Full Retirement Age and planning accordingly can help you make the most of your Social Security benefits during your retirement years.