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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
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 ...
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 ...
It found that 91.6% of retired workers would get the biggest lifetime benefit by applying for Social Security at 70 and 99.4% would do best to claim after 65. The study's authors found that ...
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 ...
The United States Social Security Administration ( SSA) [2] is an independent agency of the U.S. federal government that administers Social Security, a social insurance program consisting of retirement, disability and survivor benefits. To qualify for most of these benefits, most workers pay Social Security taxes on their earnings; the claimant ...
The Social Security full payout retirement age in 2015 was 66 years of age; it is gradually rising to 67. However, most Americans begin taking reduced early benefits at age 62. While Americans are living longer, much of the increase in life expectancy is among those with higher incomes.
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.