The age at which Americans reach full retirement has been gradually increasing since the 1980s. Initially set at 65 when Social Security was introduced, it began rising after the program faced financial challenges. The new standard retirement age of 67 is being phased in gradually to ensure fairness for those close to retirement at the time of the changes.
Full Retirement Age for Different Birth Years
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To clarify when individuals born between May 1958 and February 1959 will reach full retirement age, refer to the table below:
| Birth Month | Full Retirement Age Reached |
|---|---|
| May 1958 | January 2025 |
| June 1958 | February 2025 |
| July 1958 | March 2025 |
| August 1958 | April 2025 |
| September 1958 | May 2025 |
| October 1958 | June 2025 |
| November 1958 | July 2025 |
| December 1958 | August 2025 |
| January 1959 | November 2025 |
| February 1959 | December 2025 |
Why Full Retirement Age Matters
Your full retirement age determines when you can claim 100% of your Social Security benefits. While many people retire earlier or later, understanding this age is crucial, as it serves as a benchmark for calculating benefits at other ages.
Impact of Claiming Benefits Early
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Claiming benefits before your full retirement age reduces your monthly payment. For example, for those born in 1960 or later, claiming Social Security at age 62 leads to a 30% reduction in benefits. The table below illustrates how early claiming affects monthly payments:
| Claiming Age | Percentage of Full Benefits |
|---|---|
| 62 | 70% |
| 65 | 87% |
| 66 | 93% |
| 67 (Full Retirement Age) | 100% |
| 70 | 124% |
Why Age 65 Remains Popular
Despite changes, age 65 remains a common choice for retirement due to Medicare eligibility. Health insurance costs are a significant burden, and Medicare provides relief. At this age, benefits are reduced to 87% of the full amount, making it a practical option for many.
FAQs
What is the full retirement age for those born after 1960?
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The full retirement age for those born after 1960 is 67.
What happens if I claim Social Security at age 62?
Claiming at 62 reduces benefits by 30%.
Why is age 65 a popular retirement age?
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Age 65 is when Medicare eligibility begins, making it an attractive choice.
Can delaying retirement increase my benefits?
Yes, waiting until age 70 increases benefits to 124%.
What is the reduction in benefits for claiming at 65?
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Claiming at 65 reduces benefits to 87% of the full amount.