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The age you can begin collecting your full Social Security retirement benefit depends on the year you were born. If you start collecting your benefit early, it will be permanently reduced. If you delay your benefit, it will be increased.
The Social Security law was changed in 1983 to increase the full retirement age in gradual steps until it reaches age 67. The change, which was made due to increasing life expectancies, began in 2003 and affects people born in 1938 and later.
The age you can begin collecting your full retirement benefit depends on the year you were born:
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Year of Birth
1937 or earlier
1938
1939
1940
1941
1942
1943-1954
1955
1956
1957
1958
1959
1960
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Full Retirement Age
65
65 & 2 months
65 & 4 months
65 & 6 months
65 & 8 months
65 & 10 months
66
66 & 2 months
66 & 4 months
66 & 6 months
66 & 8 months
66 & 10 months
67
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You can still begin to collect Social Security benefits as early as age 62. However, your monthly benefit will be permanently reduced based on the number of months you’ll receive benefits before you reach your full retirement age. In addition, the Social Security Amendments of 1983 increased the amount of this reduction.
For instance, if your full retirement age is 65, the reduction for starting Social Security at age 62 is about 20%. If you were born in 1960 or later and your full retirement age is 67, your benefit will be reduced by about 30% if you begin taking benefits early at age 62.
Each additional year you work adds another year of earnings to your Social Security record, and higher lifetime earnings may result in higher benefits when you retire. And if you delay taking benefits beyond your full retirement age, your benefit will be increased by a specific percentage until you start taking benefits, or until you reach age 70.
The percentage varies depending on the year you were born. For instance, if you were born in 1937 or 1938 you’ll receive a 6.5% annual increase. If you were born in 1943 or later you’ll receive an 8% annual increase.
Article is for educational purposes only and is not intended to provide specific tax or legal advice. For answers to tax questions, please see your tax professional. For legal questions, consult an attorney.
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