Home Articles What Does the Social Security Full Retirement Age Mean?

What Does the Social Security Full Retirement Age Mean?

What is my full retirement age now?

Full retirement age(FRA) is based on the year you were born. If you were born on January 1st, your FRA will be based on the year prior. 

Year of Birth

Full Retirement Age

1943 – 1954

66

1955

66 + 2 months

1956

66 + 4 months

1957

66 + 6 months

1958

66 + 8 months

1959

66 + 10 months

1960+

67

As you can see, full retirement age is gradually being increased from 66, which it was for quite a while, to 67. 

Social Security full retirement age is not 65 anymore?

Many people are under the false assumption that their full retirement age is 65. While this age used to be 65, in 1983 this was changed.

Due to the fact that people were living longer and the Social Security budget needed to be balanced, President Regan and Congress passed the Social Security Amendments of 1983

These amendments are what have caused the gradual increase in full retirement age. 

Do note, the age you can start Medicare is still 65. You do not have to start your Social Security benefit when you start your Medicare. 

What does full retirement age mean?

You have 96 dates in which you can elect to start your Social Security check. These dates fall on the 1st of every month from age 62 through age 70. 

Full retirement age is the age in which you are entitled to 100% of your earned Social Security benefits. This is also referred to as your primary insurance amount, or PIA

If you take your benefits before your full retirement age, your check will be reduced. 

Say you were born in 1960, making your full retirement age 67. If you take your benefits at 62, your benefit will be reduced by 30% from your PIA.

Let’s say you had a PIA of  $2,000. If you start your benefits at age 62, your check is going to be reduced to $1,400. 

Taking your benefits after your full retirement age increases the benefits.

For every year you delay your benefits, your check increases by around 8%. If you waited until 70 to take your check, and your full retirement age was 67, your check would be increased by 24%. 

Do know that for spousal benefits, there are a little bit different rules. If you are claiming on your spouse and take benefits early, your check will be reduced. 

If you are claiming on a spouse, and take your benefits after your full retirement age, your benefit will not increase. The max benefit a spouse can receive is 50% of their partner’s PIA, which they reach at their full retirement age. 

Another point to note here is that if you are the higher-earning spouse, delaying your benefit will possibly give your spouse a higher benefit later. 

When one spouse dies, the living spouse gets to keep the larger of the 2 checks the couple was receiving. If the higher-earning spouse passes first, the surviving spouse can keep their larger check. 

 

It is crucial to make the right decision when it comes to starting your Social Security check. You do not get a redo. 

Cardinal can get you a free Social Security timing report to get your started. Fill out the box below or give us a call! 


Listen To Finishing Well on Truth

Newest Live Episodes of Finishing Well are on The Truth Network

Finishing Well
Finishing Wellhttps://www.cardinalguide.com/finishing-well/
Retirement planning involves a lot more than just managing your money. This show is the complete guide to planning for and living in retirement, helping families finish well. Host Hans Scheil will discuss a new topic every week ranging from Social Security and Medicare to IRAs and taxes. Follow along each week by downloading the corresponding chapters below for free! New episodes air: Finishing Well Schedule on Truth Network
- Advertisment -

Recent Posts

FROZEN

Getting Ready For Winter Weather

Giving Thanks For Everything & Everyone

Before Turkey With Trimings, It's A Real Thanks-Giving

Federal Task Force on Long Term Care

Hans goes over the recent report released by the Department of Treasury about the status of long term care insurance in the United States. He explains what they found, what changes might be made, and what it means for you.    Don’t forget...

Lamb on the Throne (Part 2 of 2)

When John’s vision of the heavenly throne revealed a scroll that nobody could open, he wept bitterly—until he was reminded of God’s provision. Discover the significance of the Lamb on the Throne when you join us on Truth For Life with Alistair Begg. List

Classic Crusade Message: God in Pursuit

In this episode, we revisit a message from Pastor Greg Laurie titled, "God in Pursuit." Preaching from the story of the prophet Jonah, Pastor...

Affluenza! – It’s Cure – Part B

For thousands of years mankind has had God's list of Ten Commandments. Though cultures, languages and lifestyles have changed dramatically since Moses received these words on Mount Sinai, they are surprisingly very applicable to our daily lives in the 21st century.

Skip Heitzig explores in depth each of God's Top Ten and wraps up the series with a discussion on the most famous Eleventh Commandment given by Jesus during His time on earth.

Can Good Come From Bad? – Daily Devotion

John 1:46 What is your favorite fairy tale? It probably conveys the beauty of happy endings coming out of bad situations. Well, life isn’t a...

11.25.20 Dr. Brown Responds to Alyssa Milano’s Olive Branch

The Line of Fire Radio Broadcast for 11/25/20.
%d bloggers like this: