social security retirement age chart
Retirement Full Age Chart (Minimum age for Social Security Retirement is Age 62) Sign in to your account Account Login. Use our Retirement Age Calculator to find your full retirement age based on your date of birth. The Social Security full retirement age (FRA) is the age at which workers can first claim full (i.e., unreduced) Social Security retired-worker benefits.1 Among other factors, the age at which an individual begins receiving Social Security benefits has an impact on the size of the monthly Data source: Social Security Administration. In a nutshell, a Social Security break-even calculator can tell you when the best age is to start taking Social security benefits, in terms of how much money you could expect to receive over time. Social Security full retirement age chart The chart below shows the full retirement age for people born at different times. Username. Sign in. To help you decide which age is best for you, three Motley Fool retirement experts weigh in on the best reasons to claim Social Security at three … The Social Security Administration (SSA) takes your 35 highest-earning, inflation-adjusted years into account when calculating your monthly benefit at full retirement age. Social Security benefits in retirement are impacted by three main criteria: the year you were born, the age you plan on electing (begin taking) benefits and your annual income in your working years. Password. Starting with the month you reach full retirement age, you can get your benefits with no limit on your earnings. If you claim Social Security benefits before full retirement age (FRA), benefits are reduced. Let’s say your full retirement age is 66. First we take your annual income and we adjust it by the Average Wage Index (AWI), to get your indexed earnings. If you will reach full retirement age in 2021, the limit on your earnings for the months before full retirement age is $50,520. The year and month you reach full retirement age depends on the year you were born. How to Calculate Social Security Benefits . The chart above shows that if you were to take SS benefits at age 62 versus at your full retirement age of 67, you would be ahead of the game until about the age of roughly 78.8 years. Retirement Age Calculator. Going back to the previous example, let’s assume that you track your benefit amounts over a 10-year, 20-year and 30-year period. Find out your full retirement age, which is when you become eligible for unreduced Social Security retirement benefits. Originally, Social Security’s full retirement age was set at 65 for all beneficiaries, but the Social Security Amendment of 1983 gradually raised the full retirement age to 67. 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