In the United States, "full retirement age"—also known as "normal retirement age"—is the age you must reach to be eligible to receive your full retirement benefits from the 澳洲幸运5官方开奖结果体彩网:Social Security Administration (SSA). This age rises depending on when you were born, from 65 years and 0 months (for those born in 1937 or earlier) to age 67 (for those born in 1960 or later).

The Earlier You File, the༺ Less You Get Each Month

If you choose to claim Social Security retirement benefits earlier than your full retirement age, you will receive a reduced benefit. That is, if you decide to retire early by the SSA's standards, the monthly payouts you get will be lower than those of older retirees. This is to account for the fact that you're getting benefits sooner, which means you'll likely be getting them for a longer period of time than those who wait to collect.

There are several factors that determine the size of your reduced benefits, 澳洲幸运5官方开奖结果体彩网:based on a formula used by the SSA. Individuals who were born in 1937 or earlier reached full retirement age at 65. Those born between 1938 and 1960 are on a graduated scale, up to age 67. For those born in 1960 or later, full retirement age is 67.

How Earnings Are Computed

Social Security benefits are based on a worker's earnings over their lifetime.

Your actual earnings are first adjusted (indexed) to account for changes in average wages since the year the earnings were received. The SSA then calculates your average monthly indexed earnings during the 35 years in which you earned the most. They apply a formula to these earnings and arrive at your basic benefit or 澳洲幸运5官方开奖结果体彩网:primary insurance amount (PIA).

The PIA is the amount you can receive 🍬at your full retirement age.

Accumulating Work Credits

If y♋ou were born in 1928 or later, you must have 🍃accrued at least 40 credits to receive Social Security benefits.

You accumulate credits when you work and pay Social Security taxes. You can obtain four credits per year, meaning you must work at least a total of 10 years to become eligible for benefits.

If you have not worked enough to qualify for benefits on your own record but are married to someone who did, you may be eligible to receive a spousal benefit based on your working spouse's benefit. Your benefit, in this case, cannot exceed half of your spouse's benefit.

If your spouse dies, you can receive 100% of your spouse's benefit if you have reached full retirement age. You can receive reduced 澳洲幸运5官方开奖结果体彩网:survivor benefits as early as age 60.

The Bottom Line

Full retirement age, or normal retirement age, is when you are eligible to receive your full Social Security benefits. This age varies based on your year of birth, and spans age 65 and 0 months to age 67. For those who were born in 1960 or later, the full retirement age is 67.