Friday, December 4, 2009

Retirement Age for Social Security

Question: When can I start drawing my full Social Security benefit? When I'm 65?

Answer: It depends. Assuming you otherwise qualify for Social Security, they pay full benefits when you reach "Full Retirement Age." "Full Retirement Age" varies by when you were born. Below is a Q&A that was taken from the Social Security FAQ website at http://www.ssa.gov/pgm/links_retirement.htm:


Question

What age can I begin receiving full retirement benefits?

Answer

Full-retirement age has been 65 for many years. However, beginning with people born in 1938 or later, that age will gradually increase until it reaches 67 for people born after 1959.

The following chart shows the steps in which the age will
increase.

Year of Birth / Full Retirement Age
1937 or earlier / 65
1938 / 65 and 2 months
1939 / 65 and 4 months
1940 / 65 and 6 months
1941 / 65 and 8 months
1942 / 65 and 10 months
1943--1954 / 66
1955 / 66 and 2 months
1956 / 66 and 4 months
1957 / 66 and 6 months
1958 / 66 and 8 months
1959 / 66 and 10 months
1960 and later / 67

Note: Persons born on January 1 of any year should refer to the full
retirement age for the previous year.



Specific questions about your Social Security benefits may be directed to your local Social Security office. Find your local office by visiting https://secure.ssa.gov/apps6z/FOLO/fo001.jsp.

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