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.