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Year of birth. Full retirement age. 1937 and before. 65. 1938-1942. 65 + 2 months for each year past 1937. 1943-1954. 66. 1955-1959. 66 + 2 months for each year past 1954
Full retirement age: 65 was considered the full retirement age for most of Social Security’s history. Gradual Increases: In 1983, the age of retirement was raised to 67, effectively cutting ...
The formula for calculating your PIA is based on the average indexed monthly earnings, or AIME, in your 35 highest-earning years after age 21, up to the Social Security wage base. In 2024, the ...
Retired Social Security. In the United States, Social Security is the commonly used term for the federal Old-Age, Survivors, and Disability Insurance ( OASDI) program and is administered by the Social Security Administration (SSA). [1] The Social Security Act was passed in 1935, [2] and the existing version of the Act, as amended, [3 ...
When the Social Security Administration boils all those figures down, the weighted average age of all newly retired workers filing for benefits was about 65 years in 2022. In 2022, the average was ...
You can get Social Security retirement benefits as early as age 62, but your benefits will be reduced vs. what they would be if you waited until full retirement age.
Problems with the Social Security program are well-known, with funding shortfalls expected to cut benefits as much as 25% by 2034 unless Congress acts to provide a fix. One possibility is raising ...
Under the 1983 amendments to Social Security, a previously enacted increase in the payroll tax rate was accelerated, additional employees were added to the system, the full-benefit retirement age was slowly increased, and up to one-half of the value of the Social Security benefit was made potentially taxable income.
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