Retirement age is essential in planning your financial future, as it can impact your Social Security benefits and overall financial stability. If you were born in 1959, it’s essential to understand your full retirement age and how it may affect your eligibility for Social Security benefits. This guide will look closer at the full retirement age for those born in 1959 and explore the factors that can impact your benefits.
What is the Full Retirement Age for Those Born in 1959?
The full retirement age for someone born in 1959 is 66 years and eight months. Therefore, if born in 1959, you can receive full Social Security benefits when you turn 66 and eight months old. However, you can begin receiving benefits as early as age 62, but your benefits will be reduced. On the other hand, if you wait until after your full retirement age to claim benefits, your benefits will increase.
Factors That Can Impact Your Full Retirement Age
Several factors can impact your full retirement age and your eligibility for Social Security benefits, including:
- Your birth year: Your full retirement age is determined by your birth year, so it is essential to understand when you were born and what your full retirement age is.
- Early or delayed retirement: If you claim 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 claim benefits, your benefits will increase.
- Earnings history: Your earnings history can impact your full retirement age and eligibility for Social Security benefits. The Social Security Administration (SSA) uses your earnings history to calculate your benefits, so it’s essential to record your earnings accurately.
- Social Security credits: Your Social Security credits, also known as quarters of coverage, can impact your full retirement age and your eligibility for benefits. To be eligible for Social Security benefits, you must have earned at least 40 credits or ten years of work.
- Changes to Social Security laws: Social Security laws can change, so it’s essential to stay up-to-date on any changes that may impact your full retirement age and your eligibility for benefits.
Next Steps
It’s essential to be well-informed and proactive when understanding the full retirement age for those born in 1959. Numerous factors can impact your eligibility for Social Security benefits; we’ve outlined them in this guide. While there’s no “right” way to plan for retirement, as everyone has different financial needs, an excellent first step would be to request a free quote from an expert who can help you understand the best options for your particular goals.
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Frequently Asked Questions
Can I start receiving Social Security benefits before my retirement age?
Yes, you can start receiving benefits as early as age 62, but your benefits will be reduced.
What happens if I wait until after my full retirement age to claim benefits?
If you wait until after your full retirement age to claim benefits, your benefits will increase.
How does my earnings history impact my full retirement age and my eligibility for benefits?
The Social Security Administration (SSA) uses your earnings history to calculate your benefits, so it’s essential to record your earnings accurately.
What are Social Security credits?
Social Security credits, also known as quarters of coverage, are used to determine your eligibility for Social Security benefits. You must have earned at least 40 credits or ten years of work to be eligible for benefits.