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Retirement Benefits by Birth Year

Life expectancy nearly doubled during the 20th century with a ten-fold increase in the number of Americans age 65 or older.  Worldwide, 901 million people are over the age of 60 today. That number is projected to reach 1.4 billion by 2030 and nearly 2.1 billion by 2050.  This is all good news!  Achieving the dream of a secure, comfortable retirement is much easier when you plan your finances.

When should you apply?

Generally, you should apply for retirement benefits four months before you want your benefits to begin. Choosing the month you start to get benefits is an important decision. You may receive benefits as early as age 62 or as late as age 70, however, benefits will be reduced a fraction of a percent for each month before their full retirement age.  If you plan to continue working after you reach age 62, it may be to your advantage to start your retirement benefits before you stop working.

The chart below can be helpful when calculating your retirement amounts and/or reduction amounts. Select your year of birth to find out how much your benefit will be reduced if you retire between age 62 and full retirement age. For more detailed information visit the Social Security website here: Benefits By Year Of Birth

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** If you decide to delay your benefits until after age 65, 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 prescription drug coverage (Part D) may cost you more money.