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Birth year. Full retirement age. 1943–1954. 66. 1955. 66 and 2 months. 1956. 66 and 4 months. 1957. 66 and 6 months. 1958. 66 and 8 months. 1959. 66 and 10 months. 1960 or later
When Social Security was created, the full retirement age was set at 65. However, in 1983, lawmakers amended Social Security to try to shore up the finances of the program.
Under the 1983 amendments to Social Security, a previously enacted increase in the payroll tax rate was accelerated, additional employees were added to the system, the full-benefit retirement age was slowly increased, and up to one-half of the value of the Social Security benefit was made potentially taxable income. [67] [68]
1947: 3,000: 2% — 1991: 53,400: 12.4%: 2.9% ... The full retirement age is relevant for some benefit types other than retirement benefits. For example, aged spouses ...
Here’s the correct full retirement age based on your year of birth: Year of Birth. Full Retirement Age. 1943-1954. 66. 1955. 66 and 2 months. 1956. 66 and 4 months. 1957. 66 and 6 months. 1958.
The retirement age will gradually increase to 62 for males by 2028 and 60 for females by 2035. In 2021, the retirement age is 60.25 (age 60 and 3 months) for men and 50.33 (age 50 and 4 months) for women, the age will be increased by 3 months each year following for men and 4 months for women. [96]
Year of birth. Full retirement age. 1937 and before. 65. 1938-1942. 65 + 2 months for each year past 1937. 1943-1954. 66. 1955-1959. 66 + 2 months for each year past 1954
Individuals with more than the full record of qualifying years (>35 years) will not receive extra income at retirement age. With the age of retirement rolled forward by consecutive governments, for the majority of individuals, the number of qualifying years is likely to surpass 35 years. [2] A minimum of 10 qualifying years is required to ...