Before 193765 Between 1938 and 1942165+ Between 1943 and 195466 Between 1955 and 1959266+ After 196067 Source: Social Security Administration. 1For people born between 1938 and 1942, FRA is between age 65 and 2 months and age 65 and 10 months, depending on birth year. ...
Social Security's full retirement age (FRA) refers to when workers can start claiming their full benefits, which is based on the number of years they've worked as well as their income during their working years. The longer someone works and the higher their income, the more they can receiv...
For many older adults, Social Security makes the difference between enjoying a comfortable retirement and struggling to make ends meet.However, 55% of U.S. adults admit that their benefits are not enough to cover their basic needs in retirement, accordin
How Social Security Works Social Security works by collecting compulsory worker contributions into a huge pot and paying out benefits to eligible individuals. You must have aSocial Security numberto work and pay taxes. The SSA uses this number to track your earnings while working and your benefits...
By receiving your Social Security benefits before FRA — and continuing to work — you will have temporarily reduced benefits. When you reach full retirement age, the reduction reduces. Once you reach FRA, your benefits no longer reduce, regardless of how much you earn. ...
If you’ve decided to delay claiming your Social Security benefits, your next step is to maximize your benefits and get the most out of them. The most direct way to do this is to simply work longer. If you’re able to continue working beyond your FRA, even on a part-time basis at ...
By Kimberley Baker, CFP®One of the biggest mistakes retirees can make is to underestimate the importance of Social Security in their retirement.
2. Are You Still Working? A part- or full-time job can be a plus in early retirement, but working and taking Social Security benefits before full retirement age can also push you over the annual earnings limit, which trims benefits. For 2025, the annual earnings limit is $23,400. Fo...
Spousal benefits will be reduced if the primary recipient takes Social Security before reaching their FRA. The highest spousal benefit one can receive is half of the benefit that their spouse is entitled to at their FRA. While spouses get a lower benefit if they claim before reaching their own...
Full retirement age is the age at which you can receive full Social Security retirement benefits. Your FRA varies depending on the year in which you were born.