At some point, you’ll need to decide when to start receiving your Social Security retirement benefits.
We hope the following information will help you in planning for this important decision.
If you were born from 1943 to 1954, your full retirement age is 66. The full retirement age gradually increases to 67 for people born in 1955 through 1960. For all people born after 1960, age 67 is their full retirement age. If you choose to delay receiving your retirement benefit beyond full retirement age, you will see an increase in your benefit. Your benefit can increase as much as 8% a year up to age 70. Your benefits will no longer increase if you delay beyond age 70.
The age you start receiving benefits can make a significant difference in your monthly benefit amount.
You may need your monthly income for a long time, because more people are living longer. For example:
- The typical 65-year-old today will live to age 85.
- About one out of every three 65-year-olds will live until at least the age of 90.
- About one out of seven 65-year-olds will live until at least age 95.
