If you were born ... | Your full retirement age is ... |
---|---|
Before 1937 | 65 |
Between 1938 and 19421 | 65+ |
Between 1943 and 1954 | 66 |
Between 1955 and 19592 | 66+ |
After 1960 | 67 |
When to claim Social Security is a big decision with a potentially big impact. While each person’s situation is different, knowing some basics can help you see how Social Security fits into your overall retirement plan.
Your Social Security retirement benefits can be affected by a number of life circumstances, including marriage, divorce, and working while collecting benefits before your full retirement age (FRA). It’s important to know your options, and any rules that apply, to take full advantage of your benefits.
Your benefit is calculated based on your full retirement age (FRA), according to the year you were born. Visit the Social Security Administration website for more information about other factors that may affect your benefits.
If you were born ... | Your full retirement age is ... |
---|---|
Before 1937 | 65 |
Between 1938 and 19421 | 65+ |
Between 1943 and 1954 | 66 |
Between 1955 and 19592 | 66+ |
After 1960 | 67 |
Source: Social Security Administration.
1For people born between 1938 and 1942, FRA is between age 65 and 2 months and age 65 and 10 months, depending on birth year.
2For people born between 1955 and 1959, FRA is between age 66 and 2 months and age 66 and 10 months, depending on birth year.
You can start collecting benefits at age 62, but that doesn’t mean you should. Each year you can wait increases your annual benefit amount by 7% to 8%, up to age 70. That could make a difference of thousands of dollars for your retirement income.
Here are three retirement benefits Social Security provides:
Answer a few questions and use the Social Security Optimizer to find a strategy designed to optimize your Social Security benefits. When you use the Social Security Optimizer, your report will include:
Gain valuable perspective on the markets, investing strategies, and personal finance.
The information provided in the Social Security Optimizer tool is for general and educational purposes only, and is not intended to provide legal, tax or investment advice. This tool allows you to explore hypothetical scenarios for claiming social security benefits. Results are intended as an aid, are not guaranteed, and should not be your only source of information when making financial decisions. Please consider your own circumstances before deciding which claiming strategy is appropriate and seek independent legal, financial and tax advice before making any decisions. Other T. Rowe Price educational tools or advice services may use different assumptions and methods and may yield different results.
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