If you were born between 1957 your full retirement age is 66 and 6 months (En español) You can start your Social Security retirement benefits as early as age 62, but the benefit amount you receive will be less than your full retirement benefit amount.
If you were born in 1957, your full Social Security retirement age is 66 years and six months.
The law raised the full retirement age beginning with people born in 1938 or later. The retirement age gradually increases by a few months for every birth year, until it reaches 67 for people born in 1960 and later.
If you set benefits to begin at full retirement age (FRA) — 66 and 4 months for people born in 1956, 66 and 6 months for those born in 1957 and gradually rising to 67 for people born in 1960 and later — your first payment generally will arrive in the month after you attain that age.
The maximum Social Security benefit in 2023 is $3,627 at full retirement age. It's $4,555 per month if retiring at age 70 and $2,572 if retiring at age 62. A person's benefit amount depends on earnings, full retirement age and when they take benefits.
Your retirement benefit is based on your lifetime earnings in work in which you paid Social Security taxes. Higher income translates to a bigger benefit (up to a point — more on that below). The amount you are entitled to is modified by other factors, most crucially the age at which you claim benefits.
You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.
Take a Normal Retirement to Balance Personal and Financial Needs. Retiring in your mid-60s still makes sense for many people. At this point, you are old enough to have hopefully amassed sizable savings, but you are still young enough to enjoy active pursuits such as travel.
If you were born in 1958, your full retirement age is 66 years and eight months. That means you'll have to wait until at least 2024 (or the early half of 2025) before you reach your full retirement age and can collect 100% of your Social Security benefits.
If you were born in 1960, your full retirement age is 67.
That means you must wait until you are 67 years old in 2027 to collect 100% of your Social Security retirement benefits. As of February 2023, the average Social Security retirement check for a retired worker was $1,830 per month.
Social Security benefits are typically computed using "average indexed monthly earnings." This average summarizes up to 35 years of a worker's indexed earnings. We apply a formula to this average to compute the primary insurance amount (PIA). The PIA is the basis for the benefits that are paid to an individual.
When considering your retirement lifestyle, a common guideline is to replace 70% of your annual income before your retirement. You can plan to do this through a combination of retirement income sources that include Social Security, investments and savings from 401(k)s, IRAs and other retirement savings accounts.
Retirees can begin to claim at 62, the earliest eligibility age. When the full retirement age was 65, a worker claiming at 62 would get 80 percent of a full benefit.
Social Security's “replacement rate” fell as the program's full retirement age gradually rose from 65 in 2000 to 67 in 2022. The average Social Security retirement benefit in February 2023 was $1,782 per month, or about $21,384 per year.
One FERS date, June 30, is not only at the end of the month, but also the end of a leave period. This is a particularly good date, because it allows for one last accumulation of annual leave to create a larger lump sum payout.
If you were born between 1956 your full retirement age is 66 and 4 months (En español) If you start receiving benefits at age 66 and 4 months you get 100% of your monthly benefit. If you delay receiving retirement benefits until after your full retirement age, your monthly benefit continues to increase.
The Time to Retirement Calculator for Central Government servants states that their retirement date is on the last day of the month when they turn 60 years old. However, if their Date of Birth (DOB) falls on the first day of the month, they will retire on the last day of the previous month.
What's the State Pension? The State Pension's a regular payment from the government, that you may receive once you reach the State Pension age, to help support you in retirement. Currently both men and women can claim this from the age of 66, but for those born after 5 April 1960 it'll rise to 67 by 2028.
Men responding to the early retirement offer were 2.6 percentage points less likely to die over the next five years than those who did not retire early. (Too few women met the early retirement eligibility criteria to be included in the study.) The Dutch study echoes those from other countries.
China has the world's youngest retirement age, according to data from the Organisation for Economic Co-operation and Development (OECD). For that distinction, it can partly thank a government policy dating back to the 1950s that lets women retire at 50 and men at 60.
At ages 46 to 50, you should have saved 4.6 times your current salary. At ages 51 to 55, you should have saved 6.0 times your current salary. At ages 56 to 60, you should have saved 7.6 times your current salary. At ages 61 to 64, you should have saved 9.2 times your current salary.
The State Pension age is currently 66 years old for both men and women but will start gradually increasing again from 6 May 2026.
Once you reach your full retirement age, or FRA, you can claim 100 percent of the benefit calculated from your lifetime earnings. (Full retirement age is 66 and 4 months for people born in 1956 and 66 and 6 months for those born in 1957. It will incrementally increase to 67 over the next few years.)