Full retirement age is when Social Security pays you 100 percent of your benefit — not when you turn 65
Full retirement age is the age at which Social Security will pay you your complete monthly benefit amount. It is not 65 for most people anymore. Your full retirement age depends on the year you were born and ranges from 66 to 67 for people retiring now.
If you claim before full retirement age, your monthly payment is permanently reduced. If you delay claiming past full retirement age, your payment increases by about 8 percent per year until age 70. The choice between claiming early, at full retirement age, or later is one of the biggest financial decisions you will make in retirement.
Key Takeaways
- Full retirement age is 66 or 67 depending on your birth year, not automatically 65.
- Claiming before full retirement age reduces your monthly payment for life, even if you live to 100.
- Delaying past full retirement age increases your payment by roughly 8 percent each year until age 70.
- You can find your exact full retirement age on your Social Security statement or by using the Social Security Administration's online calculator.
- The break-even point between claiming early and claiming at full retirement age is typically around age 80.
Full retirement age by birth year
The Social Security Administration raised the full retirement age starting with people born in 1938. If you were born before 1938, your full retirement age is 65. For everyone born after that, it increases in steps.
| Born in | Full Retirement Age |
|---|---|
| 1943–1954 | 66 |
| 1955 | 66 and 2 months |
| 1956 | 66 and 4 months |
| 1957 | 66 and 6 months |
| 1958 | 66 and 8 months |
| 1959 | 66 and 10 months |
| 1960 or later | 67 |
If your birth date falls between two years in the table, your full retirement age is the age listed for your birth year. For example, if you were born in June 1955, your full retirement age is 66 and 2 months.
What happens if you claim before full retirement age
You can claim Social Security as early as age 62, but your payment will be smaller every month for the rest of your life. The reduction is permanent — it does not increase back to the full amount when you reach full retirement age.
The exact reduction depends on how many months early you claim. If you claim at 62 and your full retirement age is 67, you lose roughly 30 percent of your benefit. If your full retirement age is 66, claiming at 62 costs you roughly 25 percent. The Social Security Administration can tell you the exact reduction for your situation.
There is one exception: if you are still working and earning above a certain amount, Social Security will withhold part of your payment. Once you reach full retirement age, this withholding stops, even if you keep working.
What happens if you delay past full retirement age
For every year you wait past full retirement age to claim, your monthly payment grows by about 8 percent per year. This increase continues until age 70, after which there is no additional benefit to waiting.
If your full retirement age is 67 and you wait until 70, your monthly payment will be roughly 24 percent higher than it would have been at 67. This larger payment lasts for your entire life, which can add up to a significant amount if you live into your 80s or 90s.
Delaying is a form of insurance against living a long life. It trades a smaller payment now for a much larger payment later. The trade-off makes the most sense if you are in good health, have family members who lived into their 90s, or have other income to live on while you wait.
How to find your full retirement age
The easiest way to find your full retirement age is to check your Social Security statement. You can view your statement online at ssa.gov by creating a my Social Security account. The statement lists your full retirement age clearly.
If you do not have an online account, you can call Social Security at 1-800-772-1213 (TTY 1-800-325-0778) and ask. You can also use the Social Security Administration's retirement age calculator on their website, which asks for your birth date and shows your full retirement age in seconds.
Early claiming versus waiting: the break-even point
Many people wonder whether it makes more sense to claim at 62 and take the smaller payment, or wait until full retirement age or 70 and take a larger payment. The answer depends on how long you live.
If you claim at 62 instead of 67, you receive payments for five extra years. But each payment is smaller. Around age 80, the total amount you have received from waiting until 67 catches up to the total you received by claiming at 62. After 80, you come out ahead by waiting. If you live past 80, delaying was the better choice financially.
This break-even point is roughly the same whether you compare age 62 to 67, or age 67 to 70. The Social Security Administration's online calculator can show you the break-even point for your specific situation, including your estimated life expectancy based on your health and family history.
Frequently Asked Questions
Can I work and still claim Social Security before full retirement age?
Yes, but if you earn above a certain amount, Social Security will withhold part of your payment. In 2024, the limit is roughly $23,400 per year. Once you reach full retirement age, you can earn any amount without losing benefits. Ask Social Security what the current earnings limit is for your situation.
Does my spouse's full retirement age affect mine?
No. Each person has their own full retirement age based on their own birth year. Your spouse's age does not change your full retirement age. However, if you are married, you may have options to claim on your spouse's record, and those options have their own age rules.
What if I was born on January 1?
If you were born on January 1, Social Security counts you as born in the previous year for the purpose of determining full retirement age. For example, if you were born on January 1, 1955, your full retirement age is 66 and 2 months (the age for people born in 1954).
Can I change my mind after I claim?
You can withdraw your claim within 12 months of claiming and repay all the benefits you received. This lets you restart your claim at a later age and receive a higher payment. After 12 months, you cannot withdraw, but you can suspend your benefits at full retirement age and let them grow until 70.
Does my full retirement age change if I become disabled?
No. Your full retirement age is fixed based on your birth year. If you receive Social Security Disability Insurance (SSDI), your benefits automatically convert to retirement benefits at your full retirement age, but the age itself does not change.