ages to draw social security
Updated October 19, 2016. Full Retirement Age (FRA) is not the same age for everyone, as it is determined by your day and year of birth. It is the age at which you are eligible to receive your full amount of Social Security benefits. If you collect benefits earlier than FRA, your benefits are reduced. If your full retirement age is 67, your Social Security benefit is reduced by: 1  About 30 percent if you start collecting at 62. 2  About 25 percent if you start collecting at 63. 3  About 20 percent if you start collecting at 64.  About 13.3 percent if you start collecting at 1  65. About 6.7 percent if you start collecting at  66. If you retire more than 36 months before your full retirement age, your benefits will be further reduced by 5% per year, or 5/12 of 1% per month. Remember, the earliest you can collect Social Security retirement benefits, regardless of when you were born, is 62 years old. Just be sure you budget for a reduced benefit. If your full retirement age is 67 and you begin collecting Social Security at age 62, for example, your benefits are reduced by about 30 percent. The reduction drops to 25 percent if you wait until you’re 63, and so on. The Social Security Administration provides a chart of retirement benefits by birth year. Full retirement age (also known as normal retirement age) is the age at which you can file for Social Security and collect your full calculated retirement benefit. However, you can choose to file as early as age 62, or as late as age 70, regardless of your full retirement age. Retirement Decisions. Full Retirement Age (FRA) is not the same age for everyone, as it is determined by your day and year of birth. It is the age at which you are eligible to receive your full amount of Social Security benefits. If you collect benefits earlier than FRA, your benefits are reduced. But it can be a costly move. If you start taking Social Security at age 62, rather than waiting until your full retirement age (FRA), you can expect up to a 25% reduction in monthly benefits. Remember FRA is no longer age 65. It now ranges from 66 to 67, depending on the month and year in which you were born. Many retirement plans define age 65 as the full retirement age, and as a result, many Americans (incorrectly) believe this is also the full retirement age for Social Security. However, your Social Security retirement age is actually age 66, 67, or somewhere in between, depending on when you were born. Retirement Decisions. Your Social Security retirement age, and the amount you receive, varies depending on several factors. For example, the earliest age you can collect your Social Security retirement benefits is age 62, but there is an exception for widows and widowers, who can begin benefits as early as age 60. And if you begin benefits early, and continue to work, your benefits may be reduced. Social Security. Retirement Planner: Benefits By Year Of Birth. Full retirement age is the age at which a person may first become entitled to full or unreduced retirement benefits. No matter what your full retirement age (also called normal retirement age) is, you may start receiving benefits as early as age 62 or as late as age 70.
If your full retirement age is 67 and you begin collecting Social Security at age 62.