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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
The SSA will take into account your 35 highest-earning, inflation-adjusted years when calculating your monthly benefit. ... 1960 or later. 70%. 75%. 80%. 86.7%. 93.3% ... left a lot of Social ...
Data source: Social Security Administration. The table shows that if your full retirement age is 67 (as it is for anyone born in 1960 or later) and you collect as soon as possible, at age 62, your ...
Benefits Grow by: Full Retirement Age of 66. Full Retirement Age of 67. 5/12 of 1% per month (5% per year) From 62 to 63. From 62 to 64. 5/9 of 1% per month (6.67% per year)
Social Security beneficiaries are getting a 2.5% cost-of-living adjustment, or COLA, starting with the payment they receive in January 2025. As of the latest data from October, the average retired ...
The government bases your Social Security benefits on your income during your working years and your age at sign-up. ... FRA varies by birth year as shown in the table below: ... 66 and 4 months ...
There’s a formula used by the Social Security Administration (SSA) that takes your 35 highest-paid years of earnings into account and indexes earlier wages for inflation.
Social Security is a critical source of retirement income for millions of Americans. ... Year 5: $2,042.28. Year 6: $2,095.38. Year 7: $2,149.86 ... Here are some key facts on retiring Boomers ...