The age 65 has always carried big significance.
For baby boomers and those from the previous generation, age 65 was a target.
It was the unofficial age for retirement.
There’s more to claiming Social Security benefits than knowing your full retirement age. Ourguide to how Social Security workswill give you what you need to know about collecting benefits.
But we need to adjust our thinking when it comes to that number.
Otherwise, 65 means nothing in particular.
And that includes when it comes to Social Security.
But the age 65 plays no role.
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Moredetails on working and collecting Social Securitybenefits.
If you were born from 1955 to 1960, your full retirement age increases gradually up to age 67.
Anyone born since 1961 has a full retirement age of 67.
Full Retirement Age for Social Security
What Is Full Retirement Age?
In the original Social Security Act of 1935, the full retirement age was 65 years old.
Today, the SSA has set the age of 67 as full retirement age for anyone born after 1960.
But full retirement age does not mean anything when it comes to determining or maximizing your Social Security benefits.
Your monthly benefit increases for every month you do not accept Social Security benefits, up to age 70.
The longer you wait, the more you are paid each month up to age 70.
So what does full retirement age mean?
According to theSocial Security Administration, the average Social Security benefit check in January 2024 is $1,907.
Themaximum allowable monthly Social Security benefit paymentis $4,873.
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So, Why Do I Care When I Turn 65?
Your official information from Medicare will come in the mail from the Social Security department of the federal government.
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Weve rounded up answers to the most commonly asked questions.
Your full retirement age is based on the year you were born.
If you were born in 1960 or thereafter, your full retirement age is 67.
TheSocial Security Administrationhas updated information on benefits and age requirements.
This is the question for the ages, and is a very individual question.
This story will help you determinewho should take Social Security first.
Again, life expectancy issues play a role for each individual.
Kent McDill is a veteran journalist who has specialized in personal finance topics since 2013.
He is a contributor to The Penny Hoarder.
