Full Retirement Age

You’re eligible for the unreduced Social Security benefit (referred to as your Primary Insurance Amount) once you reach your full retirement age. If you were born in 1960 or later, your full retirement age is 67. 

You can start taking Social Security retirement benefits as early as 62, but the benefit is reduced by 30% (or less if born before 1960) from the amount payable by waiting until you reach FRA to claim it. In fact, every year you delay past FRA boosts your monthly benefit by 8% thanks to delayed retirement credits — up until age 70, at which point you’ll receive your maximum Social Security benefit. 

Taking Social Security at 70 increases your monthly benefit by about 77% compared to starting at 62. Of course, you’ll get fewer checks over your lifetime. Whether you will receive more money by waiting until age 70 depends on how long you live. Waiting until age 70 to claim can be a hedge against the risk of living too long or what’s known as “longevity risk” by providing a larger monthly benefit in your later years when your retirement savings might become depleted. 

Whether that tradeoff makes sense for you depends on a host of factors, such as your health, the kind of work you do, and your spouse’s situation if you’re married. Call us if you would like to discuss about the different scenarios to try to ascertain which is best for you. We’re always here to help.

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