What is the best way to determine your Social Security ‘Full Retirement Age’?
What is ‘Full Retirement Age’ for Social Security?
Full Retirement Age (FRA) is the age at which you can receive full Social Security retirement benefits. It is determined by your birth year and is usually between the ages of 66 and 67.
How is Full Retirement Age Calculated?
Your Full Retirement Age is based on the year you were born. Here are the current FRA guidelines:
– If you were born in 1937 or earlier, your FRA is 65.
– If you were born between 1943 and 1954, your FRA is 66.
– If you were born in 1960 or later, your FRA is 67.
What Happens if I Claim Social Security Before or After my Full Retirement Age?
– If you claim benefits before your FRA, your benefits will be reduced.
– If you claim benefits after your FRA, your benefits will increase up until age 70.
How Does Knowing my Full Retirement Age Help me Plan for Retirement?
Knowing your Full Retirement Age is essential for planning your retirement income. It helps you determine the best time to start claiming Social Security benefits to maximize your monthly payments.
Additional Questions:
– Can I still work after reaching my Full Retirement Age?
– How do I apply for Social Security benefits?
– Are there any penalties for claiming benefits early?
– What other factors should I consider when planning for retirement?
