The full retirement age (FRA) depends on your year of birth in the United States. This is the age at which you become eligible to receive full Social Security retirement benefits. For anyone born between 1943 and 1954, the FRA is 66 years old. However, it rises gradually for people born from 1955 onwards:
- 1955-1959: FRA is 66 years and 2 months
- 1960-1964: FRA is 66 years and 4 months
- 1965 and later: FRA is 67 years old
It's important to note that you can still claim Social Security as early as 62 years old, but your benefits will be permanently reduced by up to 30% if you claim before your FRA. Conversely, if you delay claiming your benefits until after your FRA, you will receive an enhanced benefit for each year you wait, up to age 70.
Here's a table summarizing the different retirement ages and benefit impacts:
| Age | Eligibility | Benefit |
|---|---|---|
| 62 | Early retirement | Reduced benefits (up to 30%) |
| FRA (varies by year of birth) | Full retirement | Full benefits |
| 70 | Delayed retirement | Increased benefits (up to 8%) |
Remember, choosing the right time to claim Social Security depends on your individual circumstances, financial goals, and expected lifespan. You may want to consider consulting with a financial advisor or using the Social Security Administration's online calculators to estimate your benefits at different claiming ages.
I hope this explanation clarifies the concept of full retirement age and its impact on Social Security benefits! Feel free to ask any further questions you might have about claiming Social Security or personal finance planning.
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