What is Your Full Retirement Age

If you were born before 1954 or after 1960, your Full Retirement Age is easy. What about those born in between?

When to take social security benefits is one of the more important decisions to make when planning one’s retirement. The choices are: claim the benefits at age 62 with reduced benefits, at ”full retirement age” (FRA) with full benefits, or at 70 with an increased benefit amount. For those who take the benefits early, the dollar amount is reduced from the “full” benefit by a small percentage for each month the benefit was claimed prior to reaching their FRA. For every month between your FRA and age 70, there is a credit received that boosts your monthly amount when you finally decide to claim social security.

What Is Your Full Retirement Age?

If your birth year was before 1943, your FRA for social security was between 65 and 66. For those born from January 2, 1943, to January 1, 1955, their FRA is age 66. This is because if you’re born on January 1st, your FRA is actually based on what year it was before your birthyear. The youngest of this crowd, those born in 1954, turned 67 this year so they’ve almost all reached the FRA by now. If your birthyear is 1955, you probably reached your FRA this year, 2021, because yours is 66 years and 2 months. For those whose birthday is in 1956, and turn 66 is 2022, their FRA is 66 years and 4 months. The pattern continues until 1959. Being born in 1957 means your FRA is 66 years and 6 months, and they’re turning 66 in 2023. Your FRA is 66 years and 8 months if you were born in 1958, and you’ll be turning 66 in 2024. Lastly, those born in 1959 have an FRA of 66 years and 10 months, and they turn 66 in 2025. If born on January 2,1960 or later, the FRA is 67.


Some things to keep in mind if you consider claiming social security before reaching your FRA:

  • 1. Your social security benefits will be subject to the earnings test.
  • 2. You must be 62 for at least one whole month before you can begin receiving social security benefits.

Also, if you decide to wait past the age of 65 to claim social security, remember that you should still apply for Medicare because if you apply for Medicare parts B and D after reaching an age of 65 and 3 months, the cost of both might be higher than if you hadn’t waited.


Until Next Time,

Benefits Ben, STWS

**Written by Benjamin Derge, Financial Planner, ChFEBC℠ The information has been obtained from sources considered reliable but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of Benjamin Derge and not necessarily those of RJFS or Raymond James. Links are being provided for information purposes only. Expressions of opinion are as of this date and are subject to change without notice. Raymond James is not affiliated with and does not endorse, authorize, or sponsor any of the listed websites or their respective sponsors.

What is Your Full Retirement Age

What Is Your Full Retirement Age?