Everyone, at some stage, retires. We all stop working eventually. Thus making a retirement plan is an essential pillar of your financial life.

The Social Security retirement benefit is one of its most significant components. You should understand how it works and make informed decisions to ensure a comfortable retirement.

Let’s explore the various aspects of the Social Security retirement age. We’ll also provide insights to help you make informed decisions for your future.

At age 62, you can begin receiving Social Security benefits. However, you are only entitled to the full benefits upon reaching your social security full retirement age (FRA).

At What Age Do You Receive The Maximum Social Security Benefits?

The FRA is currently 66 years old for anyone born in 1955. It will incrementally increase per year to reach 67 in a few years.

You can delay taking your benefits from your FRA up to age 70. Doing so will increase your benefit by ⅔ of 1 percent each month. Thus, you can receive the highest benefit payable on your record if you start collecting Social Security at age 70.

The SSA retirement age chart calculates how your monthly payout will be reduced by if you start receiving them early. It also shows that the reduction percentage decreases as your birth year approaches 1960.

Social Security Retirement Age Chart

The chart also highlights that spousal benefits are automatically reduced by 50%. Further reductions apply based on the age at which they start receiving benefits.

TOP Dollar Investor

Swipe Up For The Rest of the Article