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Some people born in 1959 will reach their full retirement age (FRA) this year. ... (FRA) based on the year they were born. A few decades ago, FRA used to be 65. But the government slowly began ...
If you were born in this year. This is your FRA. 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
In some countries, one's year of birth determines their age of retirement. For example, in the United States as of 2024, while a person born before 1955 can retire with social security benefits at the age of 66, those born after 1959 must be 67. Each year between 1955 and 1959 adds 2 months. [13]
How Benefits Are Reduced by Early Retirement for Workers Born 1955 to 1959. ... Year Born. Year Group Turns 65. Social Security Expected to Receive During Retirement. Baby Boomers. 1960.
So when claiming your standard deduction for 2023, you can take a higher standard deduction amount if you were born before Jan. 2, 1959. Also: The Average Retirement Age in 2023 in the US vs Canada
If you're 65 and were therefore born in 1959, your full retirement age for Social Security is 66 and 10 months. But you can accrue delayed retirement credits up until age 70 that boost your Social ...
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
Continue reading → The post When Do People Retire on Average appeared first on SmartAsset Blog. ... The FRA is 66 for people born between 1943 and 1959 or 67 for those born in 1960 or later ...
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