Have you ever asked yourself, “What is full retirement age?” It’s a question that probably pops into your head as you think about the future, right? Maybe you’re starting to plan, or maybe retirement feels like a faraway dream. Either way, understanding this number is pretty important for your financial well-being! Let’s dive in and get you clued up.
The Basics Of Retirement Planning: What You Need To Know
What Is Full Retirement Age?
Full Retirement Age (FRA) is the age at which you become eligible to receive 100% of your Social Security retirement benefits. It’s determined by the year you were born. It’s not the same as the early retirement age (62), where you can start receiving benefits, but at a reduced amount. Nor is it the same as waiting until age 70, where you can increase your benefit amount. FRA is the sweet spot for receiving your full benefit.
Why Is Knowing Your FRA Important?
- Planning Your Finances: Knowing your FRA is crucial for accurately estimating your future Social Security income, which is a key part of retirement planning.
- Making Informed Decisions: It helps you decide when the best time is for you to start claiming benefits. Should you take them early, at FRA, or delay?
- Understanding Benefit Reductions/Increases: Claiming before FRA means a permanent reduction in your benefits. Delaying past FRA means a permanent increase.
Finding Your Full Retirement Age
The Social Security Administration (SSA) determines your FRA based on your birth year. Here’s a quick reference guide:
- Born 1943-1954: Age 66
- Born 1955: Age 66 and 2 months
- Born 1956: Age 66 and 4 months
- Born 1957: Age 66 and 6 months
- Born 1958: Age 66 and 8 months
- Born 1959: Age 66 and 10 months
- Born 1960 or later: Age 67
You can also easily find this information on the SSA website by searching for “Social Security Full Retirement Age.”
What Is Full Retirement Age For Social Security
Full Retirement Age (FRA) determines when you get 100% of Social Security benefits. It’s 66 and 10 months for those born in 1959, reaching FRA in 2025. If born 1960 or later, it’s age 67. You can start collecting earlier (age 62) with reduced benefits or delay to increase them, up to age 70.
Early vs. Delayed Retirement: Understanding the Impact
Here is the difference between the 2:
Early Retirement (Age 62):
- Pros: Access to funds sooner, more leisure time.
- Cons: Permanently reduced benefits. For example, if you were born in 1960 or later and claim at 62, your benefit will be about 30% lower than if you waited until your FRA.
Delayed Retirement (Up to Age 70):
- Pros: Permanently increased benefits. For each year you delay beyond your FRA, your benefit increases by 8% per year, until age 70.
- Cons: You’ll have to wait longer to start receiving benefits.
Making The Right Choice for You
The best time to claim Social Security is a personal decision that depends on various factors, including your health, financial needs, and expected lifespan.
- Consider Your Health: If you anticipate a shorter lifespan, claiming earlier might make sense.
- Assess Your Financial Needs: Do you need the income sooner rather than later?
- Think About Other Income Sources: Do you have other retirement savings, pensions, or investments?
It’s always a good idea to speak with a financial advisor to discuss your individual circumstances and develop a personalized retirement plan. They can help you weigh the pros and cons of claiming at different ages and make informed decisions that align with your goals.
FAQs About Full Retirement Age
What Is Full Retirement Age
Full retirement age (FRA) is the age at which you can claim your full Social Security benefits without any reductions. For those turning 62 in 2025, the FRA is 67 years old.
What Is Full Retirement Age For Someone Born In 1958
If you were born in 1958, your full retirement age for Social Security is 66 years and 8 months.
What Is Full Retirement Age For Someone Born In 1959
For those born in 1959, the full retirement age for Social Security is 66 years and 10 months.
What Is Full Retirement Age For Someone Born In 1957
Individuals born in 1957 have a full retirement age of 66 years and 6 months for Social Security benefits.
What Is Full Retirement Age For Someone Born In 1960
If you were born in 1960, your full retirement age for Social Security is 67 years old.
What Is Considered Full Retirement Age
Full retirement age is the age at which you can receive your full Social Security benefits without any reductions. This age varies depending on your birth year.
What Is My Full Retirement Age For Social Security
To determine your full retirement age for Social Security, consider your birth year. For example, if you were born in 1958, your FRA is 66 years and 8 months.
What Age Is Full Retirement For Social Security
Full retirement age for Social Security depends on your birth year. For those born in 1960 or later, the FRA is 67 years old.
What Is My Full Retirement Age If I Was Born In 1958
If you were born in 1958, your full retirement age for Social Security is 66 years and 8 months.
What Does Full Retirement Age Mean
Full retirement age is the age at which you can claim your full Social Security benefits without any reductions. This age varies based on your birth year.
How Old Is Full Retirement Age
Full retirement age varies depending on your birth year. For example, if you were born in 1958, your FRA is 66 years and 8 months.
How Is Full Retirement Age Determined?
Full retirement age is determined by your birth year. For those born in 1960 or later, the FRA is 67 years old.
At What Age Do You Reach Full Retirement Age For Social Security Benefits?
The age at which you reach full retirement age for Social Security benefits depends on your birth year. For example, if you were born in 1958, your FRA is 66 years and 8 months.
What Happens If I Retire Before Full Retirement Age?
Retiring before your full retirement age means your Social Security benefits will be permanently reduced. The reduction depends on how many months before your FRA you start receiving benefits.
Can I Start Receiving Social Security Benefits Before Full Retirement Age?
Yes, you can start receiving Social Security benefits as early as age 62. However, your monthly benefit will be permanently reduced if you claim before your full retirement age.
What Are The Consequences Of Retiring After Full Retirement Age?
If you retire after your full retirement age, your Social Security benefits will increase by a certain percentage for each year you delay, up to age 70.
How Does Full Retirement Age Differ Based On Birth Year?
Full retirement age varies based on your birth year. For example, if you were born in 1958, your FRA is 66 years and 8 months.
Why Has Full Retirement Age Changed Over The Years?
The full retirement age has increased over the years to reflect longer life expectancies and to help maintain the financial stability of the Social Security program.
How Does The Full Retirement Age Affect Social Security Payments?
Your full retirement age determines the amount of your monthly Social Security benefit. Claiming benefits before your FRA results in a reduced monthly payment, while delaying benefits past your FRA increases your monthly payment.
What Is The Best Age To Retire According To Social Security?
The best age to retire depends on your financial situation and health. While you can start receiving Social Security benefits at age 62, waiting until your full retirement age or later can result in higher monthly benefits.
Can You Receive Social Security Benefits Before Reaching Full Retirement Age?
Yes, you can start receiving Social Security benefits as early as age 62. However, your monthly benefit will be permanently reduced if you claim before.
If I Was Born In 1961, What Is My Full Retirement Age For Social Security?
If you were born in 1961, your full retirement age for Social Security is 67 years old. This means you can begin receiving full benefits at age 67, though you can choose to start earlier, at age 62, but with reduced payments.
Can You Work And Still Receive Social Security Benefits Before Full Retirement Age?
Yes, you can work and still receive Social Security benefits before reaching full retirement age. However, your benefits may be temporarily reduced if you earn over a certain threshold. Once you reach full retirement age, you can earn any amount without affecting your benefits.
What Are The Disadvantages Of Retiring Before Full Retirement Age?
Retiring before full retirement age means you’ll receive reduced Social Security benefits. Additionally, if you’re not yet eligible for Medicare, you’ll have to arrange for healthcare coverage. Early retirement may also limit the amount you can save and reduce your long-term financial security.
Can I Receive Medicare Before Full Retirement Age?
You can receive Medicare before full retirement age if you qualify due to a disability. Medicare generally becomes available at age 65, regardless of your Social Security retirement status, but you must sign up for it when you’re eligible to avoid penalties.
How Do Social Security Taxes Change When I Reach Full Retirement Age?
Once you reach full retirement age, Social Security taxes no longer apply to your earnings. Before that, if you’re still working and receiving benefits, your earnings can affect the amount you receive until you reach full retirement age.
Do I Have To Apply For Social Security At Full Retirement Age?
No, you’re not required to apply for Social Security benefits at full retirement age. If you choose not to, your benefits will continue to grow until you decide to claim them, up to age 70, when your payments will max out.
Can Full Retirement Age Be Postponed Indefinitely?
Full retirement age itself is set based on your birth year and cannot be postponed indefinitely. However, you can delay claiming Social Security benefits until age 70, which increases your monthly payments due to delayed retirement credits.
How Does Full Retirement Age Impact My Pension?
Your pension benefits are typically separate from Social Security, but the timing of your Social Security benefits can influence your overall financial planning. If you delay Social Security benefits, you might choose to start drawing from your pension earlier to compensate.
How Do Delayed Retirement Credits Work For Social Security?
Delayed retirement credits increase your monthly Social Security benefits for each month you delay claiming past your full retirement age, up to age 70. The credit rate depends on your birth year, potentially adding 8% per year to your benefit.
Does The Social Security Administration Automatically Adjust Benefits At Full Retirement Age?
Yes, the Social Security Administration adjusts your benefits when you reach full retirement age, provided you’ve already started receiving benefits. The adjustment ensures you’re receiving the correct amount based on your earnings history and the age at which you start benefits.
If I Continue Working Past Full Retirement Age, Will My Social Security Benefits Increase?
Yes, if you continue working past full retirement age, your Social Security benefits may increase due to delayed retirement credits. You also earn additional work credits, which may raise your monthly benefit if your earnings surpass your previous highest-earning years.
How Much Can You Earn Without Reducing Social Security Benefits Before Full Retirement Age?
Before full retirement age, you can earn up to $21,240 (as of 2025) without reducing your Social Security benefits. If you earn more than that, Social Security will deduct $1 for every $2 you earn over the limit.
Can I Receive Retirement Benefits From My Spouse Before Reaching Full Retirement Age?
Yes, you can receive spousal Social Security benefits before full retirement age, but they will be reduced. To qualify, you must be at least 62, and your spouse must have already filed for their own benefits.
Can Full Retirement Age Be Different For Men And Women?
No, full retirement age is the same for both men and women. It’s based on your birth year, not your gender, and ranges from 66 to 67, depending on when you were born.
How Is My Monthly Social Security Payment Affected By Full Retirement Age?
Your monthly Social Security payment is higher if you wait until full retirement age or beyond to start receiving benefits. If you take benefits before full retirement age, they will be permanently reduced by a certain percentage.
What Age Do You Become Eligible For Social Security If Born After 1960?
If you were born after 1960, your full retirement age for Social Security is 67. You can start receiving benefits as early as age 62, but your benefits will be reduced if you claim before reaching age 67.
What Should I Consider When Deciding To Retire At Full Retirement Age?
Consider your financial situation, health, and goals when deciding to retire at full retirement age. Factor in how much you’ve saved, your Social Security benefits, and whether you’re ready to stop working. Also, look at how retiring affects your lifestyle and healthcare needs.
How Can I Calculate My Full Retirement Age?
You can calculate your full retirement age using a Social Security benefits calculator on the SSA website or by referring to the retirement age table based on your birth year. For people born after 1960, full retirement age is 67.
Does Social Security Penalize You If You Retire Early But Wait To Start Benefits?
Social Security doesn’t penalize you for retiring early and waiting to start benefits. However, you can only start receiving benefits once you reach age 62, and if you claim early, your benefits will be reduced. The penalty isn’t for retiring early, but for claiming early.
Does Full Retirement Age Apply To Both Social Security And Medicare?
Yes, full retirement age applies to Social Security benefits, but Medicare eligibility begins at age 65, regardless of when you claim Social Security. The two are separate, but both are part of the broader retirement planning process.
How Do Work Credits Influence The Full Retirement Age?
Work credits influence eligibility for Social Security benefits, but they don’t directly impact your full retirement age. You need 40 work credits (equivalent to about 10 years of work) to qualify for benefits, but your full retirement age depends on your birth year.
What Is The Relationship Between Life Expectancy And Full Retirement Age?
Life expectancy doesn’t directly change your full retirement age, but it can influence your decision to retire. If you expect to live longer, delaying Social Security benefits past full retirement age can maximize your monthly benefit.
Is It Worth Waiting Until Full Retirement Age To Claim Social Security?
Waiting until full retirement age can be worth it because your benefits will be higher compared to claiming early. If you can afford to delay, it ensures a larger monthly payout, which may be beneficial in the long term, especially if you expect a long retirement.
Can I Claim Social Security And Continue Working Before Full Retirement Age?
Yes, you can claim Social Security benefits while working before full retirement age. However, if you earn more than a certain limit, your benefits will be reduced. Once you reach full retirement age, there is no earnings limit, and your benefits won’t be affected.
How Is The Retirement Age Determined In Countries Other Than The U.S.?
In many countries, retirement age is determined by government policy, often tied to life expectancy or pension system sustainability. Like the U.S., some countries set specific ages, while others have flexible retirement plans based on individual work histories or health conditions.
What Happens If I Decide To Keep Working After Full Retirement Age?
If you keep working after full retirement age, your Social Security benefits won’t be reduced. In fact, your benefits may increase due to delayed retirement credits. You’ll also continue earning work credits, which could raise your benefit if your future earnings are higher than your previous best years.
How Does Inflation Affect Social Security At Full Retirement Age?
Social Security benefits are adjusted annually for inflation through a cost-of-living adjustment (COLA). This ensures your benefits keep pace with rising prices. At full retirement age, you’ll receive these adjustments, which help maintain the purchasing power of your benefits over time.
Does Social Security Pay A Lump Sum At Full Retirement Age?
Social Security doesn’t pay a lump sum when you reach full retirement age. Instead, you receive monthly payments based on your earnings record. However, if you delayed benefits, you may receive a larger monthly benefit amount, but not a lump sum.
What Are The Steps To Claim Social Security At Full Retirement Age?
To claim Social Security at full retirement age, you’ll need to apply through the Social Security Administration either online, by phone, or in person. Make sure you have all necessary documentation, like your Social Security number, birth certificate, and banking details.
How Does The Cost Of Living Affect Full Retirement Age Benefits?
The cost of living affects Social Security benefits through annual COLA (cost-of-living adjustments), which adjust your benefits to keep pace with inflation. These increases are especially important when you reach full retirement age, ensuring your benefits maintain their purchasing power over time.
How Does Your Social Security Benefit Increase Each Year After Full Retirement Age?
After full retirement age, your Social Security benefits can increase each year if you delay claiming up to age 70. This happens due to delayed retirement credits, which add approximately 8% to your benefit for each year you delay beyond your full retirement age.
Is The Age For Full Retirement Changing In The Future?
The full retirement age is unlikely to change drastically for most people, but there have been discussions about raising it as life expectancy increases. For now, those born in 1960 or later have a full retirement age of 67, and any changes would typically apply to future generations.
Can I Still Contribute To Social Security After Full Retirement Age?
Yes, you can continue contributing to Social Security after reaching full retirement age if you’re still working. There’s no cap on how much you can earn, and your contributions may even increase your monthly benefits. The key is to keep paying into the system if you’re employed.
What Age Do Social Security Benefits Become “Full” Benefits?
Social Security benefits are considered “full” when you reach full retirement age, which is 67 for those born in 1960 or later. If you claim benefits before that age, they will be reduced; if you claim after, your benefits may increase due to delayed retirement credits.
How Does The Full Retirement Age Rule Affect My Spouse’s Benefits?
Your spouse’s benefits are generally based on your work record. If you wait until your full retirement age, your spouse may receive their own benefit or up to 50% of your benefit if it’s higher. Claiming early may reduce those spousal benefits.
What Happens If I Reach Full Retirement Age But Don’t Apply For Social Security?
If you reach full retirement age but don’t apply for Social Security, your benefits will not automatically begin. However, your benefits will continue to grow due to delayed retirement credits, increasing the monthly payment if you choose to apply later.
Can I Switch To Social Security Benefits From A Spouse At Full Retirement Age?
Yes, you can switch to spousal benefits at full retirement age if your spouse’s benefit is higher than your own. You must have been married for at least one year, and your spouse must already be receiving Social Security benefits to qualify.
How Does Full Retirement Age Affect Military Veterans’ Social Security Benefits?
Full retirement age for Social Security doesn’t affect military veterans’ benefits directly, but veterans may be eligible for additional benefits based on their military service. These could include special credits or compensation that might increase their Social Security benefit amount.
What Options Do I Have If I Can’t Retire At Full Retirement Age?
If you can’t retire at full retirement age, you can choose to continue working, delay Social Security benefits for higher payments later, or explore other income sources, such as part-time work or pension plans, to support your retirement needs.
How Does Full Retirement Age Affect Widow/Widower Benefits From Social Security?
Widows or widowers can begin receiving Social Security benefits as early as age 60 (age 50 if disabled), but waiting until full retirement age provides full widow(er) benefits. The amount you receive will be based on your late spouse’s earnings and the age at which you claim.
Are Full Retirement Age Guidelines Different For Divorced Spouses?
Yes, divorced spouses can begin receiving Social Security benefits based on their ex-spouse’s record at full retirement age, provided they were married for at least 10 years. The rules about full retirement age and benefits are the same, but their eligibility depends on their marriage duration.
What Are The Pros And Cons Of Retiring At Full Retirement Age?
Retiring at full retirement age allows you to receive your full Social Security benefits without penalty. However, it might not give you enough time to build up additional savings or experience a longer retirement. Delaying can increase benefits, while retiring early means reduced payments.
How Does Reaching Full Retirement Age Affect My Eligibility For Other Government Programs?
Reaching full retirement age doesn’t automatically affect eligibility for other government programs like Medicare or Medicaid, but it may influence income-based assistance. Social Security payments and pension income could push you over certain income thresholds, possibly impacting other forms of aid.
Can I Work Part-Time After Reaching Full Retirement Age And Still Get Social Security?
Yes, once you reach full retirement age, you can work part-time without any reduction in Social Security benefits. There are no earnings limits at full retirement age, so your benefits won’t be affected by how much you earn.
What Are The Rules About Earning Additional Income After Full Retirement Age?
After reaching full retirement age, you can earn as much income as you want without any reduction in Social Security benefits. There’s no cap on earnings, so you can continue working or invest in other income-generating activities without worrying about Social Security penalties.
Can I Receive Social Security Benefits Before Reaching Full Retirement Age If I Have A Disability?
Yes, you can receive Social Security Disability Insurance (SSDI) benefits before reaching full retirement age if you’re disabled. Once you reach full retirement age, your disability benefits will convert to regular retirement benefits, but the amount will remain the same.
What Percentage Of My Social Security Benefits Will I Receive At Full Retirement Age?
At full retirement age, you’ll receive 100% of your Social Security benefits. If you claim benefits early, your payments will be reduced. If you delay, your payments can increase due to delayed retirement credits.
If I Was Born In 1965, When Will I Reach Full Retirement Age?
If you were born in 1965, your full retirement age for Social Security is 67. You can start receiving reduced benefits as early as age 62, but you’ll receive your full benefits when you turn 67.
How Much Will My Social Security Benefit Be If I Wait Until Full Retirement Age?
If you wait until full retirement age, you will receive 100% of your calculated Social Security benefits. The amount is based on your earnings history. Delaying beyond full retirement age can increase your benefits by approximately 8% per year until age 70.
Does Social Security Increase At Full Retirement Age If I Delay Starting My Benefits?
Yes, Social Security benefits increase if you delay starting them beyond full retirement age, thanks to delayed retirement credits. These credits boost your monthly benefits by about 8% per year until you turn 70.
What Is The Age Difference Between Early Retirement And Full Retirement Age?
Early retirement begins at age 62, but you receive reduced Social Security benefits if you claim before full retirement age. Full retirement age is typically 67 for those born after 1960, meaning there’s about a 5-year difference between early and full retirement age.
How Does Full Retirement Age Affect Workers With Gaps In Their Employment History?
Gaps in employment history won’t directly change your full retirement age, but they may lower your Social Security benefit amount. The Social Security Administration uses your 35 highest-earning years to calculate your benefit, so any years without income can decrease your benefits.
Are There Any Special Rules For Government Employees Regarding Full Retirement Age?
Government employees who do not pay into Social Security (like many federal, state, or local workers) may have different rules regarding retirement benefits. Their retirement benefits may come from separate pension systems, but Social Security rules regarding full retirement age still apply to their benefits if they are eligible.
If I Start Social Security Benefits Before Full Retirement Age, Can I Switch Later?
If you start Social Security benefits before full retirement age, you can switch to higher benefits later by withdrawing your application within 12 months and repaying any benefits received. After that, switching is only possible by delaying your benefits until full retirement age or beyond.
How Does Full Retirement Age Impact My Income Tax Bracket?
Reaching full retirement age won’t directly change your income tax bracket, but Social Security benefits may increase your taxable income. Depending on your total income, you may need to pay taxes on up to 85% of your Social Security benefits, potentially affecting your overall tax situation.
What Are The Rules For Withdrawing Social Security Benefits At Full Retirement Age?
At full retirement age, you can withdraw your application for Social Security benefits, as long as you do so within 12 months of starting them. If you withdraw, you’ll need to repay any benefits you’ve already received, but this allows you to start benefits later at a higher amount.
What Does Full Retirement Age Mean For State Retirement Programs?
State retirement programs may have their own rules regarding retirement age and benefits, but full retirement age for Social Security is independent. However, your decision to claim Social Security at full retirement age could affect how you manage other state retirement benefits or pensions.
How Does The Full Retirement Age Differ For Social Security Disability Insurance?
For Social Security Disability Insurance (SSDI), there is no “full retirement age” in the traditional sense. SSDI benefits are paid as long as you meet the disability requirements, and at full retirement age, they convert into regular Social Security retirement benefits without any change to the amount.
Will My Social Security Benefits Be Higher If I Retire Later Than Full Retirement Age?
Yes, your Social Security benefits will be higher if you retire after full retirement age. For each year you delay taking benefits beyond your full retirement age, your payments increase by about 8%, up until age 70.
How Does Full Retirement Age Affect My Savings And Retirement Planning?
Reaching full retirement age allows you to start drawing your full Social Security benefits. This can be a key factor in your overall retirement planning, helping you decide when to tap into other savings or pension plans. It ensures you get the full value of Social Security benefits.
Can I Receive Social Security Benefits If I Retire After Full Retirement Age?
Yes, you can receive Social Security benefits if you retire after full retirement age. In fact, waiting until after full retirement age to start receiving benefits increases your monthly payout due to delayed retirement credits, making it a financially advantageous decision for some.
How Will My Monthly Payments Change If I Retire After Full Retirement Age?
If you retire after full retirement age, your monthly Social Security payments will increase due to delayed retirement credits. For each year you delay taking benefits, your payment amount rises by approximately 8% until you turn 70.
Is There An Advantage To Delaying Social Security Benefits After Full Retirement Age?
Yes, delaying Social Security benefits after full retirement age provides a significant advantage in the form of delayed retirement credits, which increase your monthly benefits by about 8% per year. This can make a big difference in your long-term financial security.
How Do Social Security Earnings Limits Apply After Full Retirement Age?
Once you reach full retirement age, there are no earnings limits affecting your Social Security benefits. You can work and earn as much as you want without seeing any reduction in your benefits.
What Are The Financial Advantages Of Waiting Until Full Retirement Age To Claim Social Security?
Waiting until full retirement age to claim Social Security offers the financial advantage of receiving 100% of your benefits, without penalties. Additionally, delaying benefits increases the monthly amount you’ll receive by about 8% per year until you reach age 70.
What Options Do I Have If I Can’t Afford To Retire At Full Retirement Age?
If you can’t afford to retire at full retirement age, you can continue working, delay claiming Social Security to increase benefits, or explore additional income streams. You might also consider reducing your expenses or drawing on other savings to supplement your retirement.
Do Pensions Pay More If You Wait Until Full Retirement Age?
Some pension plans may offer higher payouts if you wait until full retirement age, especially if the plan is designed to increase payments based on age. However, each plan is different, so it’s important to check with your pension provider to understand the specific rules.
What Steps Should I Take Before I Reach Full Retirement Age?
Before reaching full retirement age, it’s important to review your savings, consider healthcare options, and decide when to begin claiming Social Security benefits. Creating a comprehensive retirement plan, including budgeting and managing your debt, will also ensure a smooth transition to retirement.
What Should I Know About Healthcare At Full Retirement Age?
At full retirement age, you become eligible for Medicare, which provides health insurance coverage for people aged 65 and older. However, it’s important to understand the different parts of Medicare and consider supplemental coverage if needed to help cover additional healthcare costs.
How Can I Check My Full Retirement Age For Social Security Online?
You can check your full retirement age online by using the Social Security Administration’s online tools or retirement calculators. These resources will tell you the exact age you can begin receiving full Social Security benefits based on your birth year.
What Is The Difference Between Early Retirement And Full Retirement Age In Terms Of Social Security?
Early retirement allows you to start Social Security benefits as early as age 62, but with reduced payments. Full retirement age, typically 67 for those born after 1960, is when you can receive 100% of your benefits. Delaying benefits beyond this age can increase the monthly amount.
How Does Early Withdrawal From Social Security Impact Full Retirement Age Benefits?
Early withdrawal from Social Security reduces your benefits permanently. The earlier you start, the greater the reduction. If you take benefits before full retirement age, you’ll receive a smaller monthly amount than if you wait until full retirement age or beyond to begin receiving Social Security.
Conclusion
Understanding your full retirement age is a fundamental step in planning for a secure and comfortable retirement. By knowing your FRA and considering your options, you can make informed decisions about when to claim Social Security benefits and create a financial strategy that works for you. Don’t wait – start planning today!