What You Need to Know About Social Security's Full Retirement Age | When to File For Social Security

To know when you should file for Social Security, you need to understand your Full Retirement Age.
Taking Social Security early means a reduced benefit. Waiting to take Social Security means growth on your payments. Let's talk about what could make sense for you.

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Chapters:
0:00 Introduction
0:38 Full Retirement Age Dates
1:27 Taking BEFORE Your FRA
1:56 Taking AFTER Your FRA
2:15 Real Example
2:37 When Should You Take SS?
4:17 Warning
4:44 Wrapping Up

[bradleyvanzile]

I have been retired 17 years. I know my FRS for the longest time many many many years I’an currently am 54. My FRA is 67.

[johnscott]

I have had this conversation with many friends. The best advice I could give anyone is really to make up your mind. I don’t mean that in a bad way but I had to demonstrate to people how waiting for two years was a total waste of time. So many people planned to wait for two years not realizing that those first two years are only penalized by 5% per year. I told them that making up those 2 years of benefits with a check only 10% higher would take 14 years in almost all cases. So either take it at 62 or wait until at least your full retirement age.

[davidfolts]

90 Days From Retirement has the best content in the YouTube Financeverse! Well done!

[teams]

My investments are all doing well. I took at 62 based on my family’s normal life span. I took my father and mothers family history into account. Then I did the break even analysis. This is working for me. Maybe not everyone.

[neninocencio]

Yes sir, all your videos are very helpful especially to us the old/senior people. Thank you so much for doing this. As always never miss watching your videos. Very informative.❤

[Happy-Go-Lucky]

Great Video! You covered a lot of things I’ve been researching lately.

My husband was born in 1961 so his FRA is 67 but he’s having back issues. His Neurologist told him to relieve his back pain he needs surgery but it will be a career ender. He has a very back breaking job working in the Oil Fields all across America so a lot of his back pain happens when he is just driving from one job to another.

If he retires before 65 he won’t be able to apply for Medicare until he’s 65. If he can qualify for Disability he’s looking at not being able to apply for Medicare until after he’s been certified disabled for two years. Before Obama/Biden we used to pay $300 a Month for our Medical Insurance but now we pay $300 a week out of my husband’s weekly checks. Plus he has a $2, 700 Deductible and a $4, 000 out of pocket every year per person. The cost of Medical insurance, deductibles and out of pockets climbed substantially for the 8 years Obama/Biden was in office and they all started climbing again with Biden/Harris. This was one reason of 100s why we walked away from being Democrats raised by Democrats and became registered Republicans.

We went online to his Social Security Account and found out that an estimated difference between him retiring at 65 verses 67 is about $330 less a month. He could make that up working odd jobs here and there. Plus at 65 he can qualify for Medicare which will reduce his medical costs. So since he can’t qualify for Medicare until 65 or two years after being certified disabled, if he has his back surgery that would mean, if his company will let him, he would have to go COBRA and therefore he would end up paying for the about $300 a week plus what his company pays which is half. So that would mean about $600 a week plus his high annual and per person deductible and out of pocket. There is no way we could pay for that even if the company allows him to go COBRA until he’s 65 and even if he qualified for disability.

I qualified for disability after 19 surgeries and now I’ve had 21 surgeries with more pending. My Medicare, supplemental and deductible cost me about $550 a month on top of what my husband pays through his job. So we know that when he is able to qualify for Medicare we will still be paying a lot for Medical but less then he is paying through his job.

Qualifying for disability is hard. I went through the red tape to qualify for disability and one of my sisters was got diagnosed with Cancer at 42 and it took her years and a lawyer to qualify for disability and she died at 47. We know that he could go years before he could even qualify for disability then if he’s not 65 he will have to wait two years to qualify for Medicare. A lot of my family died of Cancer or other causes before they reached FRA so we definitely already know he’s not going to wait any longer then 65 when he can also qualify for Medicare.

So right now we are doing everything we can to get him through until he can retire at 65. We are buying heating and massage Vests and heating and massage Car seat covers and he’s going to talk to his doctor about shots in his back and prescription pain pills. But his pain pills will also have to be safe enough for him to be able to drive and do his back breaking and dangerous job.

[jseeqvg]

Very easy to understand info and the fact that we can reach out to you for free advice on SS is great! Just subscribed and sent you my info!

[anthonygardner]

Your videos are immensely helpful. Thanks so much for the work you put into them.

[masterlee]

The site is growing as I knew it would. That alone makes my day. So turning 65 later this year, still working, not collecting yet on social security or my IRA Accounts. In the process of moving my 3 IRA Accounts with 3 different firms to just one company. Wife has a friend she went to school with who has been with Edward Jones for a long time, and she has her stuff with her. An issue with me is all my life I worked to build up my 401k or IRA Accounts and in the future which is really not that far away in the chapters of life I find it hard to accept that eventually I will have to watch the money come down and not continue to grow. It's something I never really thought about, but it is a part of the whole concept in saving for retirement. Just me I guess. Also in this video I liked how you showed the percentages at different ages. It helps in deciding for some people depending on their situation. So if it is 10% of $2, 000 which is $200 a month. Is it worth it for them to wait, especially if they do not like their job, or the $200 will not break the bank. It's a great point in showing that as some may realize they would rather have their extra retirement time instead of $200 a month. Others might think the opposite. But it helps people to decide. Great Job!

[bab]

For the purposes of the increasing benefits the FRA is not really any different than any other years. It's just a year along the way if you plan to wait until after it. It's not like benefits take a big jump in your FRA year. It's nearly a flat increase from age 62 to 70. So it's really only if you continue to have earned income over the cap that it matters prior to your FRA.

[teekay_]

The calculations becomes more complex when you have a 401K (or equivalent). If you can afford it, go with FRA (Full Retirement Age) to minimize the draw-down on your retirement savings, particularly if it's sitting in a bank account getting 1% interest.

[ds]

A Question I hope you can answer. I want to start taking SS January 2025. The SSA instructions say that I must to choose the month before the month I want to begin receiving SS payments. That means choosing December 2024. BUT no one seems to know what amount SSA will use to pay my benefits in January 2025. There is about a $200/month jump in benefits between December 2024 and January 2025. I worry that if I follow the SSA guidelines and "choose December 2024" for payments to begin in January 2002 that SSA will use the December 2024 benefit amount and not the January 2025 amount. I want benefits to begin January 2025 but at the January 2025 benefit amount not the amount of the month before. Does my question make sense?

[Observe]

Unless I’m not aware of something, I don’t see anything magical about FRA. From the age of 62 on, the payment goes up 8% per year, every year until the age of 70. 70 should be called FRA, because it’s when you truly max out on the monthly payment. 67 is just one stop between 62 and 70. Is there something I’m missing here??

[randyv]

If I start collecting social security benefits in October 2024, when I reach FRA full retirement age, will I receive a cost of living increase in January 2025??

[debraspencer]

Why is it I became disabled 2012 now I'm 68 they took me off disability and put me in on socially security and told me I'm full retirement age..and no longer disability.havent made difference in pay...?

[kevin-xxte]

What happens when the SSA changes the retirement age while you're drawing benefits. For example: the recent change from 65 to 67 in 2022?

[juanestopinan]

I just have one question:I plan to retire early in Jan or Feb 2024.., if I work an additional month and make more than my allowed amount..1770 for the month..is that overage paid at the end of the year at tax time ?

[brentyoungmann]

I’m wondering what day of the month I can retire if my birthday is at the end of the month, can I retire on the first of the month? My full retirement is 66 and eight months. Would that be the first of the month or on my birthdate?

[markinfusino]

So if I turn 66 in 2024 but in September and my fra is 66 and 10 months does my earning cap go up in 2024 when I turn 66 or in 2025 when I reach fra (66 and 10 months, roughly around June 2025) that of course will dictate whether or not I plan to take it or wait.

[valvalentina]

Great video.
Can you please tell me
If on my full retirement age I would apply for 50% from my husband sosh security benefits, because I still don't have 10 years work.
And when I will still work for 2 years.
Call I later switched for my own sosh security benefits, because my at this time will be much higher.
Thanks