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According to the Social Security Administration, or SSA, the monthly retirement benefit for Social Security recipients is currently $1,783.55 in 2024 on average. Several factors can drag that ...
Date of birth. Benefits paid each month on: 1st – 10th of the month. The second Wednesday. 11th – 20th of the month. The third Wednesday. 21st – 31st of the month
The earliest you can claim Social Security is age 62, but your monthly benefit is reduced based on how far you are from your FRA. If you're within 36 months, benefits are reduced by 5/9 of 1% monthly.
This age will vary by birth year, but it's 67 years old for everyone born in 1960 or later. Social Security full retirement age chart. Image source: The Motley Fool.
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
Social Security benefits are disbursed on Wednesdays, with the specific payment day depending on the recipient’s birth date: Birth date 1st-10th: Payments on the second Wednesday of each month ...
Your FRA is the age when you become eligible to receive your full Social Security retirement benefit and it’s based on your date of birth. For example, if you were born between 1943 and 1954 ...
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