Full retirement age (FRA) is the age at which you can claim your standard Social Security benefit, or your bi🎃llion casino royal:primary insurance amount (PIA), from billion casino royal:Social Security. Your PIA is𝓡 the standard amount you can expect to receive based 💝on your inflation-adjusted average wages earned throughout your career. Full retirement age is 66 for those born in 1954 and 67 for those born in 1960 or later -- it varies depending on your birth year.
Social Security full retirement age chart
Social Security full retirement age chart
The chart below shows the full retirement age for people born at different times.How does full retirement age affect your Social Security benefits?
How does full retirement age affect your Social Security benefits?
If you claim your benefits at full retirement age, you will receive your standard Social Security benefit amount. If you claim prior to FRA, you will be subject to early filing penalties that reduce your benefit by the following amounts:- 5/9 of 1% for each of the first 36 months before FRA
- 5/12 of 1% for each subsequent month before FRA
By contrast, if you claim benefits after FRA, you receive delayed retirement credits valued at 2/3 of 1% per month. This results in an 8% annual increase to your monthly benefit. Delayed retirement credits can be earned until age 70, after which time there is no financial benefit to delaying your claim. Dﷺelayed retirement credits cannot be earned if you are claiming either spousal or survivor benefits.
Working after full retirement age
Working after full retirement age
Retirees may work while coﷺllecting Social Security benefits, but those younger than their FRA ꦗwill be subject to the retir🧜ement earnings test (RET).
Under this test, if your earnings exceed a certain limit (which changes annually), you will temporarily forfeit some or all of your benefits. Once you reach full retirement age, your benefit is recalculated and you may receive most of that money back.Other key questions about full retirement age
Other key questions about full retirement age
There are a few other key things you may need to know about full retirement age.1. Do survivor benefits increase after full retirement age?
If you are the surviving spouse who is claiming benefits based on your deceased partner's work record, there is no benefit to waiting until after FRA to claim your benefits. You do not earn delayed retirement credits, so your benefit will not increase.However, if you are the higher-earning spouse, delaying your claim for benefits until after FRA can result in your widow(er) receiving moreไ monthly income, as your widowed partner will receive the higher of the two monthly benefits you were each receiv🍸ing.
2. Are Social Security benefits taxable at full retirement age?
Your age does not have an impact on whether you will owe tax on Social Security benefits. Depending on your earnings, you may pay federal taxes on Social Security benefits regardless of the age at which you claim. Social Security benefits are taxed on amounts exceeding the "provisional income" limit set by the IRS. To calculate your provisional income, add up all non-Social Security sources of income, including nontaxable income such as municipal bond interest, and include half of your annual Social Security income.3. Is your full retirement age affected by where you live?
Your FRA is not affected by where you live. Most Social Security rules, including those that determine benefit amount and claiming age, are set by federal law. However, some states do tax Social Security benefits, so where you live can affect tax levels on your retirement income. But again, the age at which you cl🍌aim benefits won't affect your tax rate -- your income is the key factor.