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Chart showing Social Security full retirement ages by birth year. ... the program reduces your benefits by 5/12 of 1% each month. ... Once you reach your full retirement age, Social Security will ...
This is because Social Security will subject you to its retirement earnings test (RET) if you claim benefits early and earn over a certain limit. The earnings limit is $22,320 for 2024 if you don ...
Birth Year. Full Retirement Age. 1937 or earlier. 65. 1938. 65 and 2 months. 1939. 65 and 4 months. 1940. 65 and 6 months. 1941. 65 and 8 months. 1942. 65 and 10 months
Claiming Social Security at 62 would reduce your monthly PIA by 30%; delaying benefits until 70 would increase it by roughly 24% (assuming your full retirement age is 67).
Social Security's full retirement age reflects the point at which people can claim their full benefits. ... based on a person's birth year. For instance, people who were born in 1957 reached their ...
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)
Year of birth. Full retirement age. 1937 and before. 65. 1938-1942. 65 + 2 months for each year past 1937. 1943-1954. 66. 1955-1959. 66 + 2 months for each year past 1954
Social Security benefits will likely play an important part in your retirement income. After all, nearly nine out of 10 people aged 65 and older were receiving benefits as of June 30, 2023.