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Turning 62 is a big milestone. For many, it marks the end of a decades-long career. It also signals eligibility for Social Security benefits, a primary source of income for a lot of retirees.
So when exactly is the full retirement age for Social Security? That depends on when you were born. Year of birth. Full retirement age. 1937 and before. 65. 1938-1942. 65 + 2 months for each year ...
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
Under current rules, the full retirement age is 66 if you were born from 1943 to 1954, according to the Social Security Administration. The FRA increases gradually if you were born from 1955 to ...
But Social Security benefits are designed to replace about 40% of a person's working income. Gen X, meanwhile, is also shaping up to hit retirement without enough saved for their golden years.
For those born in 1960 and later, the retirement age will jump to 67. Social Security recipients have the option of claiming benefits earlier than the designated full retirement age.
Among the other Social Security changes coming in 2025 are a smaller cost-of-living adjustment at 2.5%, down from 3.4%; an increase in maximum taxable earnings from $168,000 to $176,100; and ...
The traditional age of retirement is 65, but it's possible to retire at age 60 with planning. Obstacles to early retirement include lack of access to Social Security benefits and Medicare. However ...