The full retirement age further increases in two-month increments each year to 66 and 10 months for those born in 1959, up from 66 and 8 months for those with a birth year of 1958.

When do you get your full retirement benefits?

However, you are entitled to full benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase. If you start receiving benefits early, your benefits are reduced a small percent for each month before your full retirement age .

What’s the retirement age for someone born in 1959?

“Full retirement age for those who attain age 62 in 2021, born in 1959, will be age 66 and 10 months,” says Jim Blair, a former Social Security administrator and lead consultant at Premier Social…

How are Social Security benefits reduced at age 62?

Months between age 62 and full retirement age 2. At Age 62 3. The retirement benefit is reduced by 4. The spouse’s benefit is reduced by 5. If you were born on January 1 st, you should refer to the previous year.

Is it better to retire at 62 or 70 for Social Security?

At age 62, your benefit amount is about 25 percent lower than your full benefit at age 66. If you delay receiving your Social Security until age 70, the monthly amount is 32 percent more than you would get at full retirement age. From 62 to 70, that comes to a monthly increase of $570 or $6,840 a year. When…

What’s the retirement age for people born in 1954?

Those born between 1943 and 1954 have a full retirement age of 66. The full retirement age further increases in two-month increments each year to 66 and 10 months for those born in 1959, up from …

What’s the current state pension age for men and women?

Currently 65 for men and women, it will rise to 66 by the end of 2020 and thereafter to 67. You can find out your state pension age using our state pension age calculator. And for more on how the government helps fund your pension, visit our guide, your state pension and benefits.