I Am 51 Will Social Security Age Change Again

SOCIAL SECURITY

Fact Sheet

Social Security

Increment in Retirement Age

The Social Security Amendments of 1983 (H.R. 1900, Public Constabulary 98-21) contained 2 provisions which may have an impact on when an individual decides to retire. The 2 provisions are an increment in the retirement age that tin first affect individuals retiring in 2000 and an increase in the delayed retirement credit for those who piece of work across full retirement age.

Increase in Retirement Historic period

• For persons born in 1938 or later, their Social Security benefit may exist affected by a provision that raises the historic period at which full Social Security benefits are payable.
• The age for collecting full Social Security retirement benefits will gradually increase from 65 to 67 over a 22-year flow beginning in 2000 for those retiring at 62.
• The primeval a person tin can start receiving reduced Social Security retirement benefits will remain age 62.

Increase in Age for Receiving Full Social Security Benefits

Yr of Nascency	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 x 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 x months
1960 and later	67

• Groundwork
  • The 1983 Amendments phased in a gradual increment in the age for collecting full Social Security retirement benefits. The retirement historic period will increase from 65 to 67 over a 22-twelvemonth flow, with an 11-year hiatus at which the retirement age will remain at 66.
  • The original Social Security Act of 1935 prepare the minimum age for receiving full retirement benefits at 65.
  • Congress cited improvements in the health of older people and increases in average life expectancy as primary reasons for increasing the normal retirement historic period.
  • Since the program start began paying monthly Social Security benefits in 1940 the average life expectancy for men reaching age 65 has increased about iv years to age 81; for women reaching historic period 65, their average life expectancy has increased nearly 6 years to age 84.
  • The average age for men retiring in 1998 was 64. The average age for women retiring in 1998 was 64. In 1998, nearly 69% of men and women retired and started taking Social Security benefits before age 65.

The primeval a person tin can start receiving Social Security retirement benefits volition remain age 62.

• Social Security benefits are reduced for each calendar month a person receives benefits before full retirement historic period.
  • For persons whose full retirement age is 65, a retirement benefit is reduced by ⁵/_ix of ane% for each month of benefits prior to full retirement age.
• As the age for collecting full Social Security benefits increases, persons who retire at age 62 will see a greater reduction in their Social Security benefits.
  • For persons whose full retirement age is age 65 and 2 months or later, a retirement benefit will exist reduced by ⁵/_ix of 1% for each month up to the kickoff 36 months of benefits before full retirement age, plus ⁵/₁₂ of 1% for each month of benefits in excess of 36 prior to total retirement age.
  • Examples:
    • Social Security benefits are reduced by 20% for a person who retires at 62 whose full retirement historic period is 65 (born 1937 or earlier).
    • Social Security benefits will exist reduced past xx⁵/_six% for a person whose full retirement age is 65 and 2 months (retires at 62 in 2000).
    • Social Security benefits will be reduced past 25% for a person who retires at 62 whose full retirement historic period is 66 (born 1943-1954).
    • Social Security benefits will be reduced past 30% for a person who retires at 62 whose total retirement age is 67 (born in 1960 or afterwards).
• Background
  • The Social Security Amendments of 1956 lowered the minimum historic period for retirement benefits to 62 for women.
  • The Social Security Amendments of 1961 extended the early retirement provision to men.

The new Social Security Statement :

• Tells a person their full retirement age and
• Provides a retirement benefit estimate for age 62, full retirement age, and historic period 70.
• The historic period 62 benefit guess incorporates the reduction for early retirement.
• The age 70 benefit estimate incorporates delayed retirement credits.

SSA Printing Office 449 Altmeyer Bldg. 6401 Security Blvd. Baltimore, Physician 21235
410-965-8904 FAX 410-966-9973

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Source: https://www.ssa.gov/pressoffice/IncRetAge.html

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