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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
The chart below illustrates FRA by year of birth. 1943-1954: 66. 1955: 66 and 2 months. 1956: 66 and 4 months. 1957: 66 and 6 months. ... Pros and Cons of Claiming Social Security Early.
If you're within 36 months of your full retirement age, the Social Security Administration reduces your monthly payout by 5/9 of 1% for each month you claim early. Beyond 36 months, the program ...
RELATED: Here are all the states that tax Social Security income: No matter when your full retirement age is, you can claim and start collecting your benefits as early as age 62 and as late as age ...
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 ...
The post Social Security Benefit Reduction for Early Retirement Chart appeared first on SmartReads by SmartAsset. Chart: What Will Your Social Security Penalty Be If You Retire Early? Skip to main ...