Let’s talk about one number that can change your monthly Social Security check by hundreds of dollars. It’s your full retirement age, also known as FRA.
This isn’t just government jargon. It’s the exact age the Social Security Administration (SSA) says you can get your full, promised retirement payment.
Knowing this number is key to your retirement plan. Picking the right time to claim your benefits can make a huge difference in your monthly income for the rest of your life. Here’s what you need to know today.
What’s Your Magic Number?
Your full retirement age depends on the year you were born. The government has been slowly raising the age from 65 to 67.
Find your birth year below to see your FRA.
- Born between 1943-1954? Your FRA is 66.
- Born in 1955? It’s 66 and 2 months.
- Born in 1956? It’s 66 and 4 months.
- Born in 1957? It’s 66 and 6 months.
- Born in 1958? It’s 66 and 8 months.
- Born in 1959? It’s 66 and 10 months.
- Born in 1960 or later? Your FRA is 67.
Your Three Choices: Claim Early, On Time, or Late
You have a big decision to make. When should you start taking your Social Security money? You have three main options.
1. Claiming Early (Starting at Age 62) You can start getting checks as early as age 62. But there’s a catch. Your monthly payment will be cut for good. If your full retirement age is 67, claiming at 62 means your check will be about 30% smaller. You get money for more years, but each check is lighter.
2. Claiming On Time (At Your Full Retirement Age) If you wait until your official FRA, you get 100% of the benefit you’ve earned. No cuts, no bonuses. This is your standard, full payment.
3. Claiming Late (Waiting Until Age 70) For every year you wait past your full retirement age, the government gives you a bonus. Your benefit grows by about 8% a year. If you wait until age 70, you’ll get the biggest possible monthly check. This is a great choice if you are healthy and can afford to wait.
Don’t Forget These Key Details
- Medicare Isn’t the Same Thing. People often mix this up. You should still sign up for Medicare at age 65. This is true even if your full retirement age is 67. Waiting could lead to paying late fees.
- Working While Taking Benefits. If you’re younger than your full retirement age, there’s a limit on how much you can earn from a job before the SSA temporarily lowers your benefit. But once you hit your full retirement age, that limit disappears. You can earn as much as you want with no penalty.
So, What’s the Right Move for You?
There is no single best answer. The right choice depends on your health, your savings, and your life goals.
The most important step is to know your options. By understanding your full retirement age, you can make a smart decision that helps you have a more secure and comfortable retirement.
