The Social Security Administration allows Americans to get retirement benefits at the age of 62. However, this is not the Full Retirement Age. What is more, it will involve getting less money.
As a matter of fact, filing at the age of 62 can mean getting a 30% reduction. That is why it is so important to know when you reach Full Retirement Age and get 100% of your benefits.
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AGES TO GET FULL SOCIAL SECURITY BENEFITS
For example, if you were born in 1943-1954, you will receive full Social Security benefits at 66. So, you can no longer get 100% of your full amount at the age of 65.
The thing is the age to receive full retirement benefits continues increasing if born after 1954. Actually, it keeps going up for 2 months per additional year. Then, those whose year of birth is 1955 can get full Social Security at 66 and 2 months.
If your birth year is 1956, your Full Retirement Age is 66 and four months. Therefore, this group of seniors may have received full benefits in 2022 if they were eligible and filed. Delaying retirement until you are 70 can give you 24% extra per month. If born in 1957, it is 66 and 6 months.
WHO GETS 100% OF SOCIAL SECURITY BENEFITS IN 2024?
Americans whose year of birth is 1958 could get 100% of their retirement benefits in 2024. Actually, they will reach their Full Retirement Age at 66 and 8 months.
So, that is almost at 67. For your information, those whose birth year is 1960 or later will reach Full Retirement Age at 67. So, those born in 1959 do the same but at 66 and 10 months.
Although the average retirement benefit is worth about $1,913 as of March 2024, some high earners can receive up to $3,822. That is possible if they earn the taxable maximum for 35 years and file at Full Retirement Age for Social Security in 2024. Delaying applications until 70 can give you up to $4,873.