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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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Born in 1955 or later? You may have to work until you’re 67
 Once upon a time, turning 65 years old meant you could get your full Social Security retirement benefits and Medicare coverage at the same time. But over the last couple of years, the Social Security Administration (SSA) changed the full retirement age twice – first to age 66 for people born from 1948 to 1954, then again to age 67 for people born in 1955 or later. No matter what full retirement age is required for you to get full Social Security benefits (which you can quickly find using the chart below), Medicare eligibility still begins at age 65.1 Retirement age by year of birth
Important things to know about Social Security benefitsNow before we dive into how this may impact Medicare decisions, there are three things to keep in mind.
SSA benefits and MedicareSo let’s go back to how your full retirement age and Medicare may interact. The biggest thing is that in the past, at age 65, you both got your SSA benefits and became Medicare eligible. This meant you could use your SSA benefits to help pay for Medicare. However, with the full retirement age being at least a year or more past 65, you need to think carefully about when you take your SSA benefits if you want to use them for Medicare costs. Medicare enrollment can be impacted by Social Security benefitsDepending on your situation, you with either need to enroll in Medicare at age 65 or you may be able to delay. If you continue to work past age 65 and have creditable employer coverage (or you have creditable employer coverage through a spouse), you can likely delay enrolling in Medicare until you lose that employer coverage. In most cases, people turning 65 will need to get Medicare during their 7-month Initial Enrollment Period (IEP) to avoid financial penalties for enrolling late. Your IEP begins 3 months before the month of your 65th birthday and ends 3 months after. Social Security benefits fit in the Medicare enrollment journey in one special way. If you are receiving either Social Security benefits for retirement or for disability, or Railroad Retirement Board benefits, you will be automatically enrolled in Medicare Part A and Part B when you first become eligible. How Social Security helps pay for MedicareIn addition to automatically enrolling you in Medicare, if you are receiving Social Security or Railroad Retirement Board (RRB) benefits, your Medicare Part B premium will be automatically deducted from your monthly benefit payment. If you are not receiving Social Security or Railroad Retirement Board (RRB) benefits yet, you will get a bill called a “Notice of Medicare Premium Payment Due” (CMS-500). Bills can be paid for by check or money order, a credit or debit card, or through online bill pay services. In conclusion, as you’re starting to think about Medicare and retirement, do some research and make sure you understand how your Social Security benefits can or will play a role. More articlesMore articlesGet the latestBoost your Medicare know-how with the reliable, up-to-date news and information delivered to your inbox every month. Find a planEnter your ZIP code for plans in your area Meet with usMake an appointment with a licensed insurance agent/producer in your area What is my full retirement age if I was born in?The law raised the full retirement age beginning with people born in 1938 or later. The retirement age gradually increases by a few months for every birth year, until it reaches 67 for people born in 1960 and later.
What is my full retirement age for Social Security?The full retirement age is 66 if you were born from 1943 to 1954. The full retirement age increases gradually if you were born from 1955 to 1960, until it reaches 67. For anyone born 1960 or later, full retirement benefits are payable at age 67.
Is it better to take Social Security at 62 or 67?You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.
What is full retirement age for someone born in 1942?Normal Retirement Age. |
Born in 1949 what is full retirement age
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