For many years, Americans have been able to claim full retirement benefits at 65. But, since 1983, Congress has gradually raised the full retirement age to 67. It took quite a bit of time—33 years, in fact—before this change was fully implemented.
So, what does this mean for you? Here are a few key points to consider regarding full retirement age and eligibility.
What is the full social security retirement age?
Essentially, your full social security retirement age is when you can start receiving monthly payments that match your primary insurance amount. If you were born after 1960, for instance, your full retirement age is set at 67.
You can, however, file for Social Security benefits anytime between the ages of 62 and 70. Just keep in mind that if you take benefits before reaching your full retirement age, your monthly amount will be lower. But if you wait until after your full retirement age, up until 70, you can actually earn a higher monthly benefit.
This is the latest scoop on retirement eligibility based on age:
| Year of Birth | Complete Retirement Age |
|---|---|
| 1943-1954 | 66 years |
| 1955 | 66 years and 2 months |
| 1956 | 66 years and 4 months |
| 1957 | 66 years and 6 months |
| 1958 | 66 years and 8 months |
| 1959 | 66 years and 10 months |
| Since 1960 | 67 years |
Will an increase in the full social security retirement age impact Medicare?
Even if you can’t collect full Social Security at 65, the government suggests that you sign up for Medicare three months before your 65th birthday. It’s important because delaying enrollment may result in higher costs for Medicare Part B (medical insurance) and Part D (prescription drug coverage).
If you’re curious about your Medicare eligibility, you can check online and sign up if you qualify.
