Definition
Full Retirement Age (FRA) refers to the age at which a Social Security beneficiary is entitled to receive full Social Security retirement benefits. This age is determined by the Social Security Act of 1935 and was specifically addressed in the 1983 amendments. FRA varies depending on the beneficiary’s date of birth. For instance, individuals born after 1960 must reach the age of 67 to be eligible for full benefits.
Examples
- John, born in 1955: John’s FRA is 66 years and 2 months. He could start receiving benefits at age 62, but the monthly amount would be reduced permanently.
- Susan, born in 1961: Susan’s FRA is 67 years. If she chooses to start receiving her benefits at age 62, her benefits would be reduced by around 30%.
- Mary, born in 1968: Mary’s FRA is 67 years. Receiving benefits before 67 would mean she gets a reduced monthly amount.
Frequently Asked Questions
What is Full Retirement Age (FRA)?
Full Retirement Age is the age at which you can receive full Social Security retirement benefits, without any reduction. This age is determined based on your birth year.
How does my birth year affect my Full Retirement Age?
Your birth year determines your FRA, with those born between 1943 and 1954 having an FRA of 66, and it gradually increases reaching 67 for those born after 1960.
Can I receive Social Security benefits before reaching FRA?
Yes, you can start receiving benefits as early as age 62, but the benefits will be reduced.
What happens if I wait past my FRA to start collecting benefits?
If you wait past your FRA, your benefits will increase until you reach age 70.
Does Full Retirement Age affect my spousal or survivor benefits?
Yes, both spousal and survivor benefits are affected by the FRA, and early or delayed claiming can adjust the amounts received.
Related Terms
- Social Security Act: Legislation passed in 1935 that created the Social Security program, providing retirement benefits and other assistance.
- Retirement Benefits: Monthly benefits paid to eligible workers from the Social Security program upon retiring.
- Early Retirement: The act of claiming Social Security retirement benefits before reaching the FRA, which results in reduced benefit amounts.
- Delayed Retirement Credits: Increases to Social Security benefits for delay in claiming benefits past the full retirement age.
Online References
- Social Security Administration (SSA) Official Website
- Understanding the Full Retirement Age (SSA.gov)
- Investopedia: Full Retirement Age
Suggested Books for Further Studies
- “Social Security For Dummies” by Jonathan Peterson
- “Get What’s Yours: The Secrets to Maxing Out Your Social Security” by Laurence J. Kotlikoff, Philip Moeller, Paul Solman
- “The Social Security Primer: What Every Citizen Should Know” by Katherine Dean Moore
Fundamentals of Full Retirement Age: Social Security Basics Quiz
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