In the United States, it is possible to claim Social Security retirement benefits at the age of 62. However, this will mean receiving reduced payments for early filing. The only way to receive 100% of your benefits is to file for benefits when you reach Full Retirement Age (FRA).
Those who work after Full Retirement Age and do not apply for Social Security can benefit from delayed credits. In fact, it is a fantastic way to receive 24% extra per month if you file at the age of 70.
Social Security’s list of Full Retirement Age by year of birth
Year of birth & FRA:
- 1943-1954: Full Retirement Age at 66
- 1955: Full Retirement Age at 66 and 2 months
- 1956: Full Retirement Age at 66 and 4 months
- 1957: Full Retirement Age at 66 and 6 months
- 1958: Full Retirement Age at 66 and 8 months
- 1959: Full Retirement Age at 66 and 10 months
- 1960 and later: Full Retirement Age at 67
The Social Security Administration states that if you were born on January 1st, you should refer to the previous year instead. Anyway, you can always download a Statement and it will show you more detailed information about your FRA and possible future payment amounts.
Social Security’s FRA is no longer 65
As you may have seen in the previous list, those born after 1960 will reach Full Retirement Age at 67. Nevertheless, there is one thing workers should do at the age of 65.
Those who have decided to delay filing for Social Security retirement benefits until after age 65 will need to apply for Medicare. It is important to apply for Medicare 3 months before your 65th birthday.
Make sure you do not skip this application deadline. Not doing so may imply spending more money. Bear in mind that those workers who wait longer to apply for Medicare medical insurance (Part B) and prescription coverage (Part D) may have to face the extra cost.