How Old Do You Have To Be To Draw Full Social Security

SOCIAL SECURITY

Fact Sheet

Social Security

Increase in Retirement Age

The Social Security Amendments of 1983 (H.R. 1900, Public Law 98-21) contained two provisions which may have an touch on on when an private decides to retire. The two provisions are an increment in the retirement age that can kickoff affect individuals retiring in 2000 and an increase in the delayed retirement credit for those who piece of work beyond full retirement age.

Increase in Retirement Age

• For persons built-in in 1938 or later, their Social Security benefit may be affected past a provision that raises the age at which full Social Security benefits are payable.
• The age for collecting full Social Security retirement benefits will gradually increment from 65 to 67 over a 22-twelvemonth period beginning in 2000 for those retiring at 62.
• The earliest a person can start receiving reduced Social Security retirement benefits volition remain age 62.

Increase in Age for Receiving Full Social Security Benefits

Twelvemonth of Birth	Full Retirement Historic period
1937 or earlier	65
1938	65 and 2 months
1939	65 and iv months
1940	65 and six months
1941	65 and 8 months
1942	65 and 10 months
1943 � 1954	66
1955	66 and 2 months
1956	66 and 4 months
1957	66 and 6 months
1958	66 and eight months
1959	66 and 10 months
1960 and later	67

• Background
  • The 1983 Amendments phased in a gradual increase in the age for collecting total Social Security retirement benefits. The retirement age will increase from 65 to 67 over a 22-twelvemonth period, with an 11-year hiatus at which the retirement age will remain at 66.
  • The original Social Security Deed of 1935 set the minimum age for receiving full retirement benefits at 65.
  • Congress cited improvements in the health of older people and increases in average life expectancy equally primary reasons for increasing the normal retirement age.
  • Since the program first began paying monthly Social Security benefits in 1940 the boilerplate life expectancy for men reaching age 65 has increased nigh 4 years to historic period 81; for women reaching age 65, their average life expectancy has increased nearly 6 years to age 84.
  • The average age for men retiring in 1998 was 64. The average age for women retiring in 1998 was 64. In 1998, nearly 69% of men and women retired and started taking Social Security benefits before age 65.

The earliest a person tin can commencement receiving Social Security retirement benefits will remain age 62.

• Social Security benefits are reduced for each month a person receives benefits before full retirement age.
  • For persons whose full retirement age is 65, a retirement benefit is reduced by ^five/_nine of 1% for each month of benefits prior to full retirement age.
• As the age for collecting total Social Security benefits increases, persons who retire at historic period 62 volition run into a greater reduction in their Social Security benefits.
  • For persons whose full retirement age is historic period 65 and 2 months or later, a retirement benefit will exist reduced by ^v/₉ of 1% for each calendar month up to the first 36 months of benefits before full retirement historic period, plus ^v/₁₂ of 1% for each month of benefits in excess of 36 prior to full retirement historic period.
  • Examples:
    • Social Security benefits are reduced past 20% for a person who retires at 62 whose full retirement age is 65 (built-in 1937 or earlier).
    • Social Security benefits will be reduced by twenty⁵/_vi% for a person whose full retirement age is 65 and 2 months (retires at 62 in 2000).
    • Social Security benefits volition be reduced by 25% for a person who retires at 62 whose full retirement age is 66 (born 1943-1954).
    • Social Security benefits will be reduced past 30% for a person who retires at 62 whose total retirement age is 67 (built-in in 1960 or later).
• Background
  • The Social Security Amendments of 1956 lowered the minimum historic period for retirement benefits to 62 for women.
  • The Social Security Amendments of 1961 extended the early retirement provision to men.

The new Social Security Statement :

• Tells a person their full retirement age and
• Provides a retirement benefit estimate for historic period 62, total retirement age, and age seventy.
• The age 62 benefit estimate incorporates the reduction for early retirement.
• The age 70 benefit estimate incorporates delayed retirement credits.

SSA Press Office 449 Altmeyer Bldg. 6401 Security Blvd. Baltimore, MD 21235
410-965-8904 FAX 410-966-9973

Source: https://www.ssa.gov/pressoffice/IncRetAge.html

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