What is the Full Retirement Age for Someone Born in 1959?

Shawn Plummer

CEO, The Annuity Expert

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 someone born in 1959 and explore the factors that can impact your benefits.

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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.

Social Security Retirement Age Chart 1959

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 recording your earnings accurately is essential.
  • 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.
Full Retirement Age 1959

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 recording your earnings accurately is essential.

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.

When can I get Medicare if I was born in 1959?

You will be eligible for Medicare in 2024 when you turn 65 since the standard eligibility age for Medicare is 65, regardless of the birth year.

Do I automatically get Medicare when I turn 65?

When you reach the age of 65, Medicare coverage is given to you automatically. Medicare Part A takes inpatient hospital services, skilled nursing care, hospice care, and home health care. On the other hand, Medicare Part B covers specific doctor services, outpatient care, medical supplies, and preventive services.

Is the Medicare age changing to 67?

I heard that the age for full retirement benefits from Social Security had been increased twice in recent years, with the current full retirement age being 67 for those born in 1955 or later.

Does the eligibility age change for different types of Medicare coverage?

No, the exact age requirement applies to all Medicare options. You must age 65 to enroll in Medicare Part A and Part B unless you have a disability. Also, to enroll in a Medicare Advantage or Supplement plan, you must first have Part A and B.

What is the earliest age you can draw Medicare?

You can usually sign up for Medicare Part A and Part B within seven months. This period starts three months before you turn 65 and ends three months after you turn 65. However, if you’re receiving disability benefits from Social Security or the Railroad Retirement Board, you may be able to enroll in Medicare earlier.

Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

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