For many years, the concept of retirement in the United States was inextricably linked to age 65, the threshold for full Social Security benefits. However, Congress approved a plan to gradually raise the full retirement age.
This process, which took more than three decades to complete, has resulted in a new set of guidelines that directly affect those nearing retirement.
As time passes, it is critical to understand the current rules in order to maximize benefits. While retiring at age 62 remains an option, doing so before the full retirement age results in a permanent reduction in monthly payments.
At what age can you apply for Social Security benefits?
According to the Social Security Administration (SSA) guidelines, benefits can be claimed at any time between the ages of 62 and 70.
What is the exact age to retire with full Social Security benefits?
The exact age to receive 100% of retirement benefits is 67 for people born in 1960 or later.
Although benefits can be claimed as early as age 62, doing so before full retirement age will result in a lower monthly payment. On the other hand, if you delay claiming until age 70, the payment will be higher.
Year of Birth / Full Retirement Age
1943-1954 – 66 years
1955 – 66 years and 2 months
1956 – 66 years and 4 months
1957 – 66 years and 6 months
1958 – 66 years and 8 months
1959 – 66 years and 10 months
1960 or later – 67 years
