Module 3b: Retirement Age
The age you choose to retire will determine the Social Security retirement benefits you receive.
Resources
Early Retirement
(Source: Social Security Administration)
You will find a chart to show year of birth, full retirement age (years and months reflecting the changes), and the percentage benefits are reduced for early retirement. You should allow about 15 minutes to examine the chart.
Delaying Retirement
(Source: Social Security Administration)
This link will provide information about delaying retirement.
Questions
David was born in 1955. He wants to know:
- When would he receive full retirement benefits based on his birthdate of 1955?
- How would his benefits be reduced if he retired early at age 62?
- What would his benefits be if he waited until age 70 to retire?
Using the Retirement Benefits by Year of Birth resource, David can:
- receive full benefits at age 66 and 2 months.
- receive reduced benefits at age 62. The monthly reduction would be 0.516 for a total of 25.83%.
- If he waits until age 70 to retire, he would receive an 8% yearly increase for each year that he delayed retirement.
Module 3 - Module 3a | Module 3b | Module 3c