Your full retirement age depends on your birth year

The age at which you receive your full Social Security retirement benefit is not 65 for everyone born after 1938. Full retirement age — the point where you get 100 percent of your calculated benefit — rises gradually based on when you were born. If you were born in 1943 or later, your full retirement age is somewhere between 66 and 67. The exact year depends on your birth month and year.

You can claim Social Security as early as age 62, but claiming before your full retirement age means a permanent reduction in your monthly payment. You can also delay claiming past your full retirement age and receive a larger monthly benefit. The Social Security Administration publishes a table showing the exact full retirement age for your birth year.

Key Takeaways

  • Full retirement age ranges from 66 to 67 depending on your birth year, with the age rising in two-month increments for people born between 1943 and 1960.
  • Claiming at 62 reduces your monthly benefit by roughly 25 to 30 percent compared to waiting until full retirement age.
  • Delaying your claim past full retirement age increases your monthly benefit by 8 percent per year until age 70.
  • Your full retirement age affects not only your own benefit amount but also the size of any spousal or survivor benefits your family members may receive.

How full retirement age is calculated by birth year

The Social Security Administration raised the full retirement age in two-month increments starting with people born in 1943. If you were born in 1943 through 1954, your full retirement age is 66. If you were born in 1955, it is 66 and 2 months. The age continues to rise by two months for each birth year until it reaches 67 for people born in 1960 or later.

This means someone born in January 1955 reaches full retirement age at 66 years and 2 months, while someone born in December 1955 reaches it at 66 years and 4 months. The Social Security Administration website has a table that shows the exact full retirement age for each birth month and year. You can also call Social Security at 1-800-772-1213 to confirm your full retirement age.

What happens if you claim before full retirement age

You can claim Social Security as early as age 62, but your monthly benefit will be permanently lower than it would be at full retirement age. The reduction is roughly 25 to 30 percent, depending on how many years early you claim. If your full retirement age is 67 and you claim at 62, you lose approximately five years of payments at the full rate, and Social Security reduces your benefit to account for that.

This reduction stays in place for the rest of your life. If you claim at 62 and live to 90, you will never receive the full amount you would have gotten by waiting. However, if you claim early and die before reaching your full retirement age, your family members who receive survivor benefits may receive more in total than if you had waited. The break-even point — where waiting longer results in more total lifetime payments — typically occurs in your late 70s or early 80s.

What happens if you delay past full retirement age

For every year you delay claiming Social Security past your full retirement age, your monthly benefit increases by 8 percent. This increase continues until age 70. If your full retirement age is 67 and you wait until 70, your monthly benefit will be 24 percent higher than it would have been at 67. This increase also remains in place for the rest of your life.

Delaying makes the most financial sense if you expect to live well into your 80s or 90s, since you will collect more in total lifetime benefits. However, you do not have to wait until 70. You can claim anytime between 62 and 70, and the benefit amount will fall somewhere between the reduced early amount and the increased delayed amount.

How full retirement age affects family benefits

Your full retirement age is not just about your own payment. It also determines the maximum amount that your spouse, ex-spouse, and children can receive based on your work record. A spouse can receive up to 50 percent of your full retirement age benefit if they claim at their own full retirement age. If they claim earlier, that percentage is reduced.

Survivor benefits — payments to your family members if you die — are also based on your full retirement age benefit amount. The higher your benefit at full retirement age, the higher the survivor benefits your family can receive. This is one reason why delaying your claim can benefit not just you but also your family members who depend on your work record.

Confirming your full retirement age

The easiest way to find your full retirement age is to create an account on ssa.gov and view your Social Security Statement. Your statement shows your full retirement age, your estimated benefit at full retirement age, and your estimated benefit if you claim at 62 or 70. You can create an account using your email address and Social Security number.

If you do not have internet access or prefer to speak with someone, you can call Social Security at 1-800-772-1213. Representatives can tell you your full retirement age and answer questions about how claiming at different ages affects your benefit. You can also visit a local Social Security office in person, though wait times vary by location.

Frequently Asked Questions

Can I work after I claim Social Security at my full retirement age?

Yes. Once you reach your full retirement age, you can work and earn as much as you want without any reduction to your Social Security benefit. If you claim before full retirement age and continue working, Social Security reduces your benefit by $1 for every $2 you earn above a certain limit, which changes each year.

Does my full retirement age change if I was born outside the United States?

No. Your full retirement age is determined only by your birth date, not by where you were born. However, if you are not a U.S. citizen, you may have different rules about where you can receive your benefit. Contact Social Security directly to discuss your specific situation.

What if I claimed early and now regret it?

You can request to withdraw your claim within 12 months of claiming and repay the benefits you received. This resets your claim and allows you to claim again at a later age with a higher benefit. After 12 months, you cannot withdraw your claim, but you can still delay and receive the 8 percent annual increase on future payments.

Does my full retirement age affect Medicare may be able to access?

No. You become may be able to access for Medicare at age 65 regardless of your full retirement age. You can claim Social Security at 62 and wait until 65 to enroll in Medicare, or you can delay Social Security and enroll in Medicare at 65. The two programs operate independently.