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If you were born in 1937 or earlier, your "full retirement age" for Social Security purposes is 65. If you were born in 1938 or later, your "full retirement age" is more than 65. See the table below to find out what your full retirement age is.
If you receive SSDI benefits, once you reach full retirement age your SSDI will be converted automatically to Old Age and Survivors (Retirement) Benefits.
The earliest a person can start receiving Social Security retirement benefits is age 62.
You can also retire at any time between age 62 and full retirement age. However, if you start at one of these early ages, your benefits are reduced a fraction of a percent for each month before your full retirement age.
As a general rule, early retirement will give you about the same total Social Security benefits over your lifetime, but in smaller amounts to take into account the longer period you will receive them.
There are disadvantages and advantages to taking your benefit before your full retirement age. The advantage is that you collect benefits for a longer period of time. The disadvantage is that your benefit is permanently reduced. Each person's situation is different, so make sure you contact Social Security before you decide to retire.
|
Year of Birth |
Full Retirement |
Age 62 |
Monthly % Reduction |
Total % Reduction |
|
1937 or earlier |
65 |
36 |
.555 |
20.00 |
|
1938 |
65 and 2 months |
38 |
.548 |
20.83 |
|
1939 |
65 and 4 months |
40 |
.541 |
21.67 |
|
1940 |
65 and 6 months |
42 |
.535 |
22.50 |
|
1941 |
65 and 8 months |
44 |
.530 |
23.33 |
|
1942 |
65 and 10 months |
46 |
.525 |
24.17 |
|
1943--1954 |
66 |
48 |
.520 |
25.00 |
|
1955 |
66 and 2 months |
50 |
.516 |
25.84 |
|
1956 |
66 and 4 months |
52 |
.512 |
26.66 |
|
1957 |
66 and 6 months |
54 |
.509 |
27.50 |
|
1958 |
66 and 8 months |
56 |
.505 |
28.33 |
|
1959 |
66 and 10 months |
58 |
.502 |
29.17 |
|
1960 and later |
67 |
60 |
.500 |
30.00 |
*Percentage monthly and total reductions are approximate due to rounding. The actual reductions are .555 or 5/9 of 1% per month for the first 36 months and .416 or 5/12 of 1% for subsequent months.
The Social Security Administration operates an online Benefits Eligibility Screening Tool (BEST) that can help you determine if you are eligible for Medicare, Social Security Disability Insurance (SSDI), Social Security Retirement, Supplemental Security Insurance (SSI), and other programs. If you are connected to the Internet, go to
http://best.ssa.gov/.
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