Retirement age is essential when planning your finances for your golden years. Full retirement age, in particular, is when an individual is eligible to receive the total amount of their Social Security benefits. If you were born in 1958, knowing your full retirement age is essential to make informed decisions about when to start receiving your benefits. This guide will delve into the full retirement age for someone born in 1958 and how it affects Social Security benefits and eligibility.
What is the Full Retirement Age?
The full retirement age is when an individual is eligible to receive the total amount of their Social Security benefits. However, before reaching full retirement age, you may receive reduced benefits if you choose to start receiving them.
The full retirement age was once 65 for everyone but has since been raised to accommodate increases in life expectancy. For example, the full retirement age for someone born in 1958 is 66 years and eight months.
How Does Full Retirement Age Affect Social Security Benefits?
If you choose to start receiving Social Security benefits before reaching your full retirement age, your benefits will be reduced. The reduction amount depends on the number of months you start receiving benefits before your full retirement age.
On the other hand, if you wait until after your full retirement age to receive benefits, your benefits will increase. The increase depends on the months you wait after your full retirement age.
For example, if your full retirement age is 66 and 8 months, and you start receiving benefits at 62, your benefits will be reduced by 30%. However, if you wait until age 70 to receive benefits, your benefits will increase by 32%.
What is the Impact of Full Retirement Age on Social Security Eligibility?
Your full retirement age also affects your eligibility for Social Security benefits. To be eligible for Social Security benefits, you must have earned 40 credits or approximately ten years of work.
However, the number of credits you need to be eligible for benefits decreases if you start receiving benefits before your full retirement age. On the other hand, if you wait until after your full retirement age to receive benefits, you will need more credits to be eligible for the total benefits.
Next Steps
In conclusion, your full retirement age is essential when planning for your retirement years. For example, for someone born in 1958, their full retirement age is 66 and 8 months. This age affects the amount of Social Security benefits you receive and your eligibility. Knowing your full retirement age and making informed decisions about when to start receiving your benefits based on your circumstances is essential.
Request A Quote
Get help from a licensed financial professional. This service is free of charge.
Frequently Asked Questions
Can I start receiving Social Security benefits before my full retirement age?
Yes, you can start receiving benefits before your full retirement age, but your benefits will be reduced.
Will my Social Security benefits be increased if I wait until after my full retirement age to receive them?
Yes, your benefits will increase if you wait until after your full retirement age to receive them.
Do I need to have earned certain credits to be eligible for Social Security benefits?
You must have earned 40 credits, or approximately ten years of work, to be eligible for Social Security benefits.