In order to receive retirement benefits most people need to be 62 years old to receive a discounted monthly Social Security payment. If you wait until you reach full retirement age as set by Social Security you will receive 100% of your earned benefit. Benefits are reduced about .05% for each month your benefits are started before you reach your full retirement age or approximately 25% if you enroll at 62 years old.
Social Security Full Retirement Age
For the past 50 years full retirement age has been 65 but in the 1980’s, Congress raised the retirement age in a staged increased based on your birth year. The following chart shows how this works:
Year born Full Retirement Age Is:
1955 66 and 2 months
1956 66 and 4 months
1943-1954 66
1957 66 and 6 months
1958 66 and 8 months
1959 66 and 10 months
1960+ 67
If you have questions about Social Security contact us at 940-382-4700 and ask for a Social Security advisor.