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.
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.