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Age to Receive Full Social Security Retirement Benefits

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The following is a list of the United States Social Security Administration's official retirement ages. The full retirement age is important as it determines when an individual will qualify for full social security retirement benefits. The Full Retirement Age (FRA) for receiving Social Security Benefits has been increasing gradually since Social Security benefits became effective. The FRA - Full Social Security Retirement Age began at age 62 and has increased to age 67. It is virtually certain that the Social Security FRA will continue to creep up as financial resources continue to become strained with a rapidly growing elderly population. Those born in 1960 or later will have to wait till they reach the age of 67 before they qualify for a full social security retirement benefit. It is possible to qualify for an early retirement benefit at an earlier age, but the benefit will be substantially reduced. As a general rule it is not advisable to begin drawing social security benefits at an early age - if it is possible to avoid it. By doing so you stand to forfeit thousands or even tens of thousands of dollars over the course of your remaining life. According to the Social Security Administration you can expect to lose thirty percent of your income by beginning to draw retirement benefits 5 years ahead of schedule. So if you are scheduled to draw retirement benefits at age 67 but opt instead to file for social security benefits at the age of 62, then you will receive benefits but at a level that is 30% less than what you would have received by waiting till your FRA Full Retirement Age. If you file 4 years ahead of schedule you can plan to receive a 25% reduction in your benefits. A three year early retirement will cost you 20% of your income, and so on. It makes a lot of sense to wait till you reach your Full Retirement Age FRA before you file for Social Security Benefits.

Conversely, if you are in a position to delay your filing for social security benefits till some years after you qualify for full benefits, you will enjoy a higher level of monthly and yearly income for the balance of your life. Many elderly people will continue to work past the age of 70 in order to ensure a higher level of social security income through their remaining retirement years.

Year of Birth: Full Retirement Age (FRA):
1937 or earlier
65 and 4 months
65 and 6 months
65 and 6 months
65 and 8 months
65 and 10 months
1943 - 1954
66 and 2 months
66 and 4 months
66 and 6 months
66 and 8 months
66 and 10 months
1960 and later

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