Americans have long thought of turning 65 as the moment when they could begin to collect their full Social Security benefits. That age became a sort of touchstone, a signal that retirement had arrived and the government would provide financial support. But in more recent days, that’s no longer true.
As you know, the Social Security Administration (SSA) cut the full retirement age to 67 for most of us for those born in 1960 or later, specifically. Which means those retiring at age 65 won’t receive the full benefit anymore unless they delay being reimbursed by two years.
Goodbye to Full Social Security Benefits at 65
That may sound a little surprising, or disappointing but, to be sure, 65 isn’t the full retirement age any more. Although it was once the norm back in previous generations, however, the age of parental upbringing has been creeping up for decades. Today, most Americans in the work force have a full retirement age of 67.
If you opt to retire at 65, you can still take Social Security but it will be less than what you’d get should you wait until full retirement. As people live longer, the benefit payout costs more. Raising the full retirement age would spread out the payments but it would also increase the burden on workers to plan more carefully.
Eligibility for Social Security Benefits
In order to be eligible for and to receive full benefits from Social Security:
- Must have worked for 10 years or over and have collected work credits.
- You run out of benefits unless you are already at full retirement age (currently 67) for full benefits
- The U.S. must be a citizen or documented resident
- You get credit for your highest 35 years of earnings
What Full Retirement Age Means for Social Security
Full age for retirement is when you can claim 100% of the Social Security benefit that’s based on your own work history.
| Born Year | Age |
| Born in 1960 or late | 67 |
| Born in 1955 or later | 66 and 2 months |
| Born in 1955 | 66 |
You can start claiming benefits at age 62, but the earlier you file, the less you get per month. If you wait, on the other hand, until age 70, your benefit grows by hundreds of dollars a month. This new setup places the burden on anyone hoping to retire at 65 that person needs to know what his or her actual benefit would be.
Social Security Retirement at 65
It can be easy to assume that nothing changes as we age. But in this instance, change is real and it effects your money. While many people think full retirement benefits begin at 65, if they file now, they will find they get a smaller check. With inflation, higher health expenses and longer life expectancies, even a couple of hundred dollars less a month can make life more difficult for a retiree.
That’s why it is crucial to understand how the system functions today and not how it did years ago. This change does not mean you will not be able to retire at 65. You can. But you want to budget for a lower monthly payment, unless you can wait until you are 67.
What to know about Retirement at 65
Of course, you can choose to retire at 65 (or younger) if that makes the most sense for your life. Some leave work early for health reasons, job burnout or family needs. Nothing wrong with taking early Social Security it is your right. To know how much you will get you must go to the Social Security calculator at SSA.gov or refer to your annual statement.
If you have no problem with the smaller benefit, go for it. But if you know you will need more, perhaps put in some more years.
What’s Next for Social Security Benefits
If you are nearing retirement and are only now discovering that full benefits start at 67 don’t freak out. You have options. Here are some things you can do to move on:
- Look at your Social Security statement to see how much you are projected to get at 62, 65, 67 and 70
- Speak with a financial planner about when to retire and how you will fill the income voids
- File Late If You are Healthy and Can Work Longer. The growth is worth it if you are healthy and still working, consider filing early, especially if you expect that, even after paying bills, you will still be able to save.
- Tap other savings to live on if you retire before 67.
- Revise your retirement plan with real numbers, not old data
FAQs
Do you get full Social Security at 65?
No, for most people full benefits now start at 67.
Can I still apply for SSA Benefits at 65?
Yes, but you will get lower monthly payments.
What’s the point of waiting until I am 70?
You will receive up to 24% more per month than at age 67.
What was the reason for raising the full retirement age?
To ensure Social Security remains financially stable as people live longer.
In how much time will I get my social security benefits?
Visit ssa.gov and sign in to see your personalized estimate.
