The Social Security program is a vital component of retirement planning for many Americans. One key factor determining the number of benefits you will receive is your full retirement age (FRA). For example, if you were born in 1955, your full retirement age is 66 years and two months. Understanding your full retirement age and how it affects your Social Security benefits is essential to making informed decisions about your retirement.
Understanding Full Retirement Age
Your full retirement age is when you can receive your full Social Security retirement benefits. The Social Security Administration (SSA) determines your full retirement age based on your birth year.
If you start receiving Social Security benefits before your full retirement age, your benefits will be reduced. On the other hand, if you wait until after your full retirement age to receive benefits, your benefits will increase.
The full retirement age has gradually increased from 65 to 67 for individuals born after 1960. This change aims to help ensure the long-term sustainability of the Social Security program.
The Full Retirement Age for Those Born in 1955
If you were born in 1955, your full retirement age is 66 and two months. If you start receiving Social Security benefits at this age, you will receive your total benefit amount.
It’s important to note that while your full retirement age is 66 years and two months, you can start receiving reduced benefits as early as age 62. If you choose to do so, your benefits will be reduced by a certain percentage for each year that you start receiving benefits before your full retirement age.
For example, if you start receiving benefits at age 62, your benefits will be reduced by 30%. If you start receiving benefits at age 63, your benefits will be reduced by 25%. The reduction gradually decreases the closer you get to your full retirement age.
Delaying Social Security Benefits
Delaying Social Security benefits can significantly impact the number of benefits you receive. For example, if you wait until after your full retirement age to receive benefits, your benefits will increase by a certain percentage for each year you delay.
The maximum increase for individuals born in 1955 is 32% if you delay benefits until age 70. This means that if you wait until age 70 to receive benefits, your benefits will be 32% higher than they would have been if you started receiving them at your full retirement age.
Next Steps
Ultimately, it is essential for those born in 1955 to understand their full retirement age and its impacts on their Social Security retirement benefits. If you’re considering taking advantage of Social Security benefits, don’t hesitate to ask a financial professional for help—many can offer free quotes and assistance in making the best decisions for you and your current life situation. So call today and request a free quote so that you can make the most of your retirement planning options with Social Security!
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Frequently Asked Questions
Can I start receiving benefits before my full retirement age?
You can start receiving reduced benefits as early as age 62. However, the earlier you start receiving benefits, the smaller your monthly benefit amount will be.
What if I continue to work after my full retirement age?
If you continue to work after reaching your full retirement age, your Social Security benefits will not be affected. Therefore, you can continue to earn an income and receive full benefits simultaneously.
What happens if I delay starting to receive benefits until after my full retirement age?
If you delay starting to receive benefits until after your full retirement age, your benefits will increase. The longer you wait, the higher your benefits will be.