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Understanding Full Retirement Age
Between early retirement age, full retirement age, and maximum retirement age, it’s no wonder near and current retirees get confused. Full retirement age (FRA) is the age when one qualifies to claim full Social Security retirement benefits and is based on birth year. Retiring prior to your FRA will result in a reduction in Social Security benefits. Retiring after your FRA will result in an increase in Social Security benefits. This article by Christy Bieber explains the exact calculations one can use when deciding on retirement options between 62 and 70. She explains the one time, in 1983, when Social Security gradually raised the FRA from 65 to 67 over a period of time, such that anyone born in 1960 or later must wait until 67 to reach FRA. Full article here.
The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.