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In this post, I want to help you get more from your social security benefits by understanding what Full Retirement Age is.
Your Social Security Full Retirement Age is the age that you qualify to receive 100 percent of your Social Security benefits. A lot of people think that if they file for their Social Security benefits at age 62 they are going to collect a full amount available to them but that’s not true. In fact you don’t receive 100% of your social security benefits until you reach your full retirement age.
Now what is your Full Retirement age? Well, it’s going to be depend on the year that you were born, so if you’re born between 1943 and 1954 then Full Retirement age is age 66 whereas if you born between 1954 to 1960 your Full Retirement age will be between age 66 and 67, so might be 66 in 2 months, 66 in in 10 months etc. If you're born after 1960 then your Full Retirement age is 67 years old. So if you file for your social security benefits before you reach your Full Retirement age then you will never receive 100% of the amount of your paid for with your own tax dollars.
So that why it is important that you understand your Full Retirement age is because they can allow you to collect 100% of your benefits or more than 100 percent . In fact if you delay filing decision until age 70 then you can collect up to 132% of your social security benefits.
Its sounds like a pretty good deal doesn’t it? Well, your Full Retirement Age doesn’t only affect your personal benefits, it actually affects how much you can receive from your spousal benefits as well. If you decide to file for spousal benefits before you reach your Full Retirement age then you’ll only receive a percentage of the amount available to you. So as a spouse, if you been married for 10 years then you can receive up to 50 percent of your spouse’s benefits, that’s a separate benefit that doesn’t affect your own personal benefit and that’s what sole viable about that. However, if you file for your spousal benefits before you Full Retirement age then you could receive less than full amount available to you less than the 50% available to you.
So you want to be aware of what your Full Retirement age is to understand how much money you actually going to collect when you file for social security benefits. Now where can you find your Full Retirement age? Well you have to go to https://sss.gov and download your social security statement. On your statement on page 2, you’ll see your information about your date of birth, your full retirement age and your primary insurance amount. Those are going to be a vital piece of information that will help you make a filling decision. So I encourage you to go and find out what your Full Retirement age is and determine when the best time to file for social security benefit is.
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