Full Retirement Age

Full retirement age is the age at which a person may first become entitled to full or unreduced retirement benefits.

If your full retirement age is older than 65 (that is, you were born after 1937), you still will be able to take your benefits at age 62, but the reduction in your benefit amount will be greater than it is for people who were born before 1938.

Here’s how it works if your full retirement age is 67 (born in 1960 or later)

If you start your retirement benefits at 62, your monthly benefit amount is reduced by about 30 percent. The reduction for starting benefits at age

63 is about 25 percent
64 is about 20 percent
65 is about 13.3 percent; and
66 is about 6.7 percent.

If you start receiving spouse’s benefits at age 62, your monthly benefit amount is reduced to about 32.5 percent of the amount your spouse would receive if his or her benefits started at full retirement age. (The reduction is about 67.5 percent.) The reduction for starting benefits as a spouse at age

63 is about 65 percent
64 is about 62.5 percent
65 is about 58.3 percent
66 is about 54.2 percent; and
67 is 50 percent (the maximum benefit amount).

Age To Receive Full Social Security Benefits

(Called “full retirement age” or “normal retirement age.”)

The earliest you can start receiving Social Security retirement benefits will remain age 62.

Note: If you delay your retirement benefits until after full retirement age, you may also may be eligible for delayed retirement credits that would increase your monthly benefit. If you decide to delay your retiremetn, be sure to sign up for Medire at age 65.

In some circumstances, medical insuranc costs more if you delay applying for it.

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