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Full Retirement Age
Choosing the "best" age to begin receiving Social Security Benefits involves a number of factors, including your "Full Retirement Age" (as calculated by the Social Security Administration), your access to other income, and your financial needs.
The nominal full benefit to which you are entitled depends both on your contributions and on your birth year. Your "Full Retirement Age" is shown in the following table:
| Year of Birth |
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 |
| 1943-1954 |
66s |
| 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 and later |
67 |
One may elect to begin Social Security retirement benefits any time at or after age 62. If you elect to start your benefits prior to Full Retirement Age, your monthly benefits will be reduced by a percentage based on the number of months prior to Full Retirement Age on which you draw benefits. Conversely, delaying receiving benefits beyond your Full Retirement Age will have the effect of increasing your monthly benefits by a percentage for each month you defer starting benefits. Deferring starting withdrawal of Social Security benefits beyond age 70 has no additional benefit. The Social Security Administration provides a yearly statement of the retirement benefits that you can expect which is customized to your specific birth year and past contributions. You can view more information about this statement and request a statement at: http://www.ssa.gov/mystatement/
When should you apply for Social Security?
You can begin receiving Social Security benefits as early as age 62 (earlier certain cases for dependents or the disabled). The Social Security Administration suggests you apply for retirement benefits 3 months before you want your benefits to begin. Even if you have no plans to receive benefits, you should still sign-up for Medicare 3 months before age 65.
You can apply for retirement benefits online by visiting: https://secure.ssa.gov/apps6z/ISBA/main.html, by calling 1-800-772-1213, or by contacting a Social Security office (https://secure.ssa.gov/apps6z/FOLO/fo001.jsp).
You can find further information regarding the materials you will need to apply for Social Security benefits, when benefits will start, and estimating your retirement benefit at: http://www.ssa.gov/retirement.html
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Future Years
