"Full retirement age" is one of the most important terms in Social Security, and one of the most misunderstood. It does not mean the age you must retire, or the age you can first get benefits. It is the age at which you can receive your full, unreduced retirement benefit.
What your full retirement age is
For many years, full retirement age was 65. A 1983 law gradually raised it for people born in 1938 and later. Today:
- If you were born from 1943 through 1954, it is 66.
- If you were born from 1955 through 1959, it is 66 plus 2 to 10 months, depending on your birth year.
- If you were born in 1960 or later, it is 67.
People born on January 1 use the previous year's rule.
Why it matters
Your full retirement age is the reference point for almost every Social Security rule.
- Your benefit amount. Starting benefits before full retirement age reduces your monthly amount for life. With a full retirement age of 67, starting at 62 reduces it by 30%. Waiting past full retirement age adds 8% a year until 70.
- Working while collecting. Before full retirement age, earnings above a yearly limit cause some benefits to be withheld. From full retirement age on, you can earn any amount. See working while collecting Social Security.
- Spousal benefits. A spouse who claims at their own full retirement age can receive up to 50% of the worker's full benefit. Claiming earlier reduces it.
- Survivor benefits. A widow or widower can receive 100% of the deceased spouse's benefit at the survivor's full retirement age.
How early reductions are figured
Social Security reduces your benefit by a small amount for each month you claim early:
- 5/9 of 1% for each of the first 36 months before full retirement age.
- 5/12 of 1% for each additional month.
With a full retirement age of 67, claiming at 62 is 60 months early: 36 months at 5/9 of 1% (20%) plus 24 months at 5/12 of 1% (10%), for a total reduction of 30%.
Full retirement age and Medicare are not the same
Medicare eligibility starts at 65 for most people, no matter what your Social Security full retirement age is. If you are not receiving Social Security when you turn 65, you usually need to sign up for Medicare yourself. Missing your enrollment window can lead to a lifelong late penalty. Read when to sign up for Medicare to avoid that mistake.
Will full retirement age go up again?
Congress has discussed raising full retirement age as one way to address Social Security's long-term funding gap, but no change has been made to the current schedule. Any change would require a new law, and proposals have generally applied to younger workers, phased in over many years.
Find your exact age
Social Security's retirement age calculator shows your full retirement age and the reduction for claiming early, month by month. Your Social Security statement shows your estimated benefits at 62, at full retirement age and at 70. Both are available on ssa.gov.
