Social Security: Full Retirement Age Explained

Social Security makes up a huge portion of most retirees income. Taking your check at the right time can mean the difference between tens of thousands of dollars during your lifetime in benefits.

If you want to get Social Security timing right, the first thing you absolutely need to know is your full retirement age. While many people believe that they get their full retirement benefit at 65, that is not the case anymore.

[suew]

I think the government is using a misleading term, Full Retirement Age. They also call it, Normal Retirement Age. It’s the normal age most people retire at. I don’t understand how they say you are getting your full benefit at this age, when you will get more if you wait longer. It’s misleading.

[westonlee]

Are you saying I need to be 66 and 10 months old to get my FRA of if I was born in 59? Is that the 10 month (Oct) when I’m 66 ? Or 10 months from my birthday month?
Thank you for your reply

[michaelwightman]

Retire 1 yr after retirement. Enjoy the retirement and 8% increase... Don't ever retire to late,

[kimberlyjohnson]

I thought it was 72, I'll be dead before then.

[billygraham]

HERE WOULD BE A GREAT VIDEO ON THE SUBJECT:
Cover these questions:
Supposedly if you wait to age 67 to retire, you can work without any reduced social security benefits no matter how much you earn. (Yes?) But if you retire at 62 and start collecting social security benefits you get $1 taken away from your annual benefit amount for every $2 over the annual benefit amount you earn working. (Yes?) BUT DOES THIS MEAN THAT if you retire at 62 and collect at 62, that even AFTER age 67 (i.e. full retirement age) you are locked in to paying back $1 for every $2 earned over your annual retirement benefit amount? Such that UNLIKE the person that retired and collected at 67, you will be forever after stuck to pay back $1 for every $2 over your annual benefit amount earned? OR are you only obligated to pay back $1 for every $2 earned over the annual benefit amount up to age 67 (i.e. the full retirement age)? Such that the obligation to pay back $1 for every $2 earned ends at age 67 and at age 67 the person that retired at 62 is treated the same as the person that retired at 67 in regard to earning income (over the annual benefit amount)?

[robertstevens]

There are very few instances where it makes sense to file before you are 70. Why would anyone want a small check???

[walterknox]

Social Security is Federal welfare. Seniors are greedy

[robertstevens]

If all of you need the money so badly, why did you retire??

[websterhays]

Not much to explain, SS is Federal welfare for those mostly over 62. Socialism at it's best!