Social Security Optimization Dublin, GA
What Is Your Social Security Retirement Age?
Your monthly Social Security benefit hinges on two important factors – how much you have earned during your lifetime and your Full Retirement Age (FRA). Your FRA is the age at which you may begin receiving full Social Security benefits.
For persons born between 1937 and 1955, the FRA is 66. For persons born on or after 1960, the FRA is 67. For persons born between 1954 and 1960, the FRA is 66 plus 2 months for every year born after 1954. For example, a person born in 1958 has an FRA of 66 plus 8 months.
You can actually start receiving your Social Security benefits at age 62. However, taking benefits this early considerably reduces the amount you receive, compared to the maximum benefit possible by waiting to take it at your FRA or beyond. In order to optimize Social Security benefits, you will need to begin receiving benefits at the age that is most beneficial for your personal situation.
If you begin receiving Social Security benefits at the age of 62 and your FRA is 67, you may forfeit as much as 30 percent of the benefits you could have received by waiting until age 67. As you wait longer to begin receiving Social Security, the benefit reduction from the maximum possible amount also becomes smaller. Also, any reduction from the maximum amount is not changeable once you start receiving benefits.
Additionally, there is a Social Security optimization option of delaying your reception of Social Security benefits past your FRA. If you were born in 1943 or later, you can delay the start of your Social Security benefits up to age 70. For each year you defer your benefits past your FRA up to age 70, you increase your Social Security benefit payment by 8 percent.
One important benefit of maximizing your Social Security benefit is that it lessens your need to rely on any personal savings after you have retired.