Adding a Social Security and Medicare Safety Net Into Your Retirement Plan

WHEN CAN YOU START RECEIVING SOCIAL SECURITY RETIREMENT BENEFITS? You can start receiving your Social Security retirement benefit at age 62. However, if you begin these benefits before reaching your “Full Retirement Age,” or FRA, the amount of your benefit will be permanently reduced. When the Social Security program was initially created, those who had reached age 65 were considered to have reached

their FRA and were therefore eligible to receive their full retirement benefits from the system – provided that they qualified based on work credits. To ease some of the funding strain on the Social Security system, the full retirement age was changed in 1983 from 65 to 67, depending on the year of the recipient’s birth.

Social Security Full Retirement Age

Year of Birth 1937 or Before

Minimum Retirement Age for Full Benefits

65

1938 1939 1940 1941 1942 1955 1956 1957 1958 1959

65 + 2 months 65 + 4 months 65 + 6 months 65 + 8 months 65 + 10 months 66 + 2 months 66 + 4 months 66 + 6 months 66 + 8 months 66 + 10 months 66

1943 to 1954

1960 or Later

67

Source: Social Security Administration

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