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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
What Is the Early Retirement Age for Social Security? You can choose to claim retirement benefits as early as age 62. However, SSA will reduce your benefit by about 0.5% for every month you ...
Every month you claim benefits before full retirement age results in an early filing penalty. Those penalties are: 5/9 of 1% per month for each of the first 36 months you collect benefits before FRA.
What to consider before applying early The most obvious downside to filing for retirement early is that your benefits will be reduced. At 63, Rick’s monthly benefit would be reduced by 25%.
Your full retirement age, as defined by the Social Security Administration (SSA), isn’t necessarily the age you stop working. It’s based on your year of birth, which typically works out to ...
Filing anytime before your full retirement age will result in smaller checks, and claiming as early as possible at age 62 will permanently reduce your payments by up to 30% per month.
Beginning with the birth year 1938, the retirement age gradually increases by a few months for every birth year until 1960, when the full retirement age reaches 67.
The question of when to apply for Social Security benefits runs much deeper than following a simple timeline, however. If you claim your benefits early, at age 62, you’re locking in a permanent ...
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