What Is My Full Retirement Age?
Your full retirement age, also known as your normal retirement age, is the age at which you can receive the full amount of your Social Security benefits. Full retirement age is defined by the Social Security Administration and varies based on your date of birth. If you were born in 1960 or later, full retirement age is 67. If you were born in 1937 or earlier, it’s 65.
When it comes to choosing your Social Security retirement age, your options are threefold. You can claim at your full retirement age, as early as 62 or wait until age 70.
This is important to know before you file because it affects the amount of your payout. If you file at age 62, your benefits can be reduced by as much as 30 percent. If you wait until after full retirement age, your benefits can increase by as much as 8 percent per year until age 70, if you were born in 1943 or later.
