Full Retirement Age/Delayed Retirement
It used to be that people were eligible for full Social Security Benefit on their 65th birthday. In 2003, the age at which full benefits are payable began to increase gradually.
The following chart will guide you in determining your full retirement age:
Year of Birth Full Retirement Age
- 1937 or earlier 65
- 1938 65 and 2 months
- 1939 65 and 4 months
- 1940 65 and 6 months
- 1941 65 and 8 months
- 1942 65 and 10 months
- 1943-1954 66
- 1955 66 and 2 months
- 1956 66 and 4 months
- 1957 66 and 6 months
- 1958 66 and 8 months
- 1959 66 and 10 months
- 1960 67
NOTE: Although the full retirement age is rising, you should still apply for Medicare benefits within three months of your 65th birthday. If you wait longer, your Medicare medical insurance (Part B) and Drug Program (Part D) may cost you more money.
DELAYED RETIREMENT: If you choose to work beyond your full retirement age, you have two more options:
- You can work and get full retirement benefits no matter how much you earn; or
- You can decide not to collect your retirement benefits until age 70 and then get a higher benefit when you do retire.
Social Security benefits are increased by a certain percentage depending on the year you were born. If, for example, you were born in 1940, your benefits would increase 7 % for each year, between your full retirement age and age 70, that you do not get retirement benefits.