what age to draw social security
SOCIAL SECURITY
Fact Sail
Social Security
The Social Security Amendments of 1983 (H.R. 1900, Public Police force 98-21) contained ii provisions which may have an impact on when an private decides to retire. The 2 provisions are an increment in the retirement age that can kickoff affect individuals retiring in 2000 and an increment in the delayed retirement credit for those who work across full retirement age.
Increase in Retirement Historic period
- For persons built-in in 1938 or later, their Social Security benefit may be afflicted past a provision that raises the age at which full Social Security benefits are payable.
- The age for collecting full Social Security retirement benefits will gradually increase from 65 to 67 over a 22-year period starting time in 2000 for those retiring at 62.
- The earliest a person can start receiving reduced Social Security retirement benefits volition remain historic period 62.
| Year of Nascency | Full Retirement Age |
| 1937 or earlier | 65 |
| 1938 | 65 and two months |
| 1939 | 65 and four months |
| 1940 | 65 and 6 months |
| 1941 | 65 and 8 months |
| 1942 | 65 and x months |
| 1943 � 1954 | 66 |
| 1955 | 66 and 2 months |
| 1956 | 66 and 4 months |
| 1957 | 66 and half-dozen months |
| 1958 | 66 and 8 months |
| 1959 | 66 and ten months |
| 1960 and afterwards | 67 |
- Groundwork
- The 1983 Amendments phased in a gradual increase in the age for collecting full Social Security retirement benefits. The retirement age volition increase from 65 to 67 over a 22-yr period, with an 11-year hiatus at which the retirement age volition remain at 66.
- The original Social Security Act of 1935 set the minimum age for receiving full retirement benefits at 65.
- Congress cited improvements in the health of older people and increases in average life expectancy as primary reasons for increasing the normal retirement age.
- Since the programme offset began paying monthly Social Security benefits in 1940 the average life expectancy for men reaching historic period 65 has increased nigh 4 years to age 81; for women reaching age 65, their average life expectancy has increased nearly half dozen years to age 84.
- The boilerplate age for men retiring in 1998 was 64. The average age for women retiring in 1998 was 64. In 1998, nearly 69% of men and women retired and started taking Social Security benefits before age 65.
The primeval a person can start receiving Social Security retirement benefits volition remain age 62.
- Social Security benefits are reduced for each month a person receives benefits before full retirement age.
- For persons whose full retirement age is 65, a retirement benefit is reduced by 5/9 of one% for each month of benefits prior to full retirement age.
- Equally the age for collecting full Social Security benefits increases, persons who retire at historic period 62 will run across a greater reduction in their Social Security benefits.
- For persons whose full retirement age is age 65 and two months or later, a retirement benefit will exist reduced by 5/9 of 1% for each month up to the first 36 months of benefits earlier full retirement age, plus v/12 of one% for each month of benefits in excess of 36 prior to full retirement historic period.
- Examples:
- Social Security benefits are reduced past 20% for a person who retires at 62 whose full retirement age is 65 (built-in 1937 or earlier).
- Social Security benefits volition be reduced by twenty5/6% for a person whose full retirement age is 65 and 2 months (retires at 62 in 2000).
- Social Security benefits will be reduced past 25% for a person who retires at 62 whose full retirement age is 66 (born 1943-1954).
- Social Security benefits will exist reduced by thirty% for a person who retires at 62 whose full retirement historic period is 67 (born in 1960 or later).
- Background
- The Social Security Amendments of 1956 lowered the minimum age for retirement benefits to 62 for women.
- The Social Security Amendments of 1961 extended the early retirement provision to men.
The new Social Security Statement :
- Tells a person their full retirement age and
- Provides a retirement benefit judge for age 62, full retirement age, and age 70.
- The age 62 benefit estimate incorporates the reduction for early retirement.
- The age 70 benefit judge incorporates delayed retirement credits.
SSA Press Office 449 Altmeyer Bldg. 6401 Security Blvd. Baltimore, MD 21235
410-965-8904 FAX 410-966-9973
Source: https://www.ssa.gov/pressoffice/IncRetAge.html
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