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What is the Social Security Retirement Age?Social Security’s full-benefit retirement age is increasing gradually because of legislation passed by Congress in 1983. Traditionally, the full benefit age was 65, and early retirement benefits were first available at age 62, with a permanent reduction to 80 percent of the full benefit amount. Currently, the full benefit age is 66 years and 2 months for people born in 1955, and it will gradually rise to 67 for those born in 1960 or later. Early retirement benefits will continue to be available at age 62, but they will be reduced more. When the full-benefit age reaches 67, benefits taken at age 62 will be reduced to 70 percent of the full benefit and benefits first taken at age 65 will be reduced to 86.7 percent of the full benefit. There is a financial bonus for delayed retirement. An individual reaching the full-benefit age in 2017 (66 years and 2 months old) receives a monthly benefit that is 8 percent higher for each year he or she delays collecting benefits until the latest claiming age of 70, at which point benefits are 132% of what they would have been at the normal retirement age. (When the full benefit age reaches 67, benefits claimed at age 70 will be 24 percent higher because of that delay.) The maximum retirement benefit in 2017 for someone who waits until age 70 to collect benefits is $3,538 a month. For more information, see:
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Your Retirement Age and When You Stop Working (En español)Your retirement age is the age you begin receiving Social Security retirement benefits. For many people, this is not the same age you’ll stop working. The age you stop working can affect the amount of your Social
Security retirement benefits. We base your retirement benefit on your highest 35 years of earnings and the age you start receiving benefits. If you stop work before you start receiving benefits and you have less than 35 years of earnings, your benefit amount is affected. We use a zero for each year without earnings when we calculate the amount of retirement benefits you are due. Years with no earnings reduces
your retirement benefit amount. Even if you have 35 years of earnings when you stopped working, some of those years may be low-earning years. When you file for retirement benefits, those years are averaged into your calculation, creating a lower benefit. However, if you had continued to work, your low earning years are replaced with your high earning years. Higher earnings increase your benefit amount. You can stop working before your full retirement age and receive reduced benefits. The earliest age you can start receiving retirement benefits is age 62. If you file for benefits when you reach full retirement age, you will receive full retirement benefits. If You Stop Work After Full Retirement AgeIf you choose to work beyond your full retirement age, you have two options:
What determines the Social Security normal retirement age quizlet?What determines the Social Security normal retirement age? The Social Security normal retirement age depends upon the worker's year of birth.
What factors determine retirement age?Here we'll touch on seven factors to consider when determining the retirement age that may be right for you or a loved one.. Financial. Of course, the financial realities of one's life have a huge impact on retirement. ... . Physical. ... . Psychological. ... . Social. ... . Spiritual. ... . Personal. ... . Familial.. What is my normal retirement age?The normal retirement age (NRA) is the age at which retirement benefits (before rounding) are equal to the "primary insurance amount." The table below shows how NRA varies by year of birth for retirees.
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Normal Retirement Age.. |
What determines the social security normal retirement age
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