2023-06-17 22:39:55
Month after month, millions of beneficiaries receive the checks for retirement Social Security. The amounts sent depend on a number of factors, primarily the retiring worker’s employment history, earnings history, full retirement age, and claim age. We explain what is the worst and best age to retire.
What is full retirement age?
The Social Security Administration (SSA) recommends waiting until full retirement age to receive your full Social Security payments. This depends on the year of birth of the worker and refers to the age at which he is entitled to receive 100% of his benefits.
If you were born between 1943 and 1954, your full retirement age is 66. If you were born between 1955 and 1959, your full retirement age gradually increases until reaching 67 years of age for those born from 1960 onwards. However, payments may begin to be received earlier in the event of an early retirement.
What is the worst age to retire and collect a Social Security check?
A worker can start collecting Social Security retirement benefits at age 62. Nevertheless, if you start receiving benefits early, the amount is reduced by a small percentage for each month before you reach full retirement age.
It is because of that 62 is the worst age to retire, since the benefits diminish considerably. Claiming Social Security payments at any age before reaching full retirement age will give you smaller payments.
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Early retirement: This is how Social Security benefits are reduced
In the case of early retirement, the SSA states that benefits are reduced by 5/9 of 1% for each month prior to normal retirement age, up to 36 months. If 36 months are exceeded, the benefit is further reduced to 5/12 of 1% per month.
If your full retirement age is 67 and you claim Social Security payments at age 62, you would receive 30% less. For example, if your payment at 100% is $1,000, at age 62, you would only receive $700. In the case of a early retirementthe amount of benefit you would receive is reduced to these percentages:
- 62 years: 70.0%
- 62 + 1 mes: 70.4%
- 62 + 2 months: 70.8%
- 62 + 3 months: 71.3%
- 62 + 4 months: 71.7%
- 62 + 5 months: 72.1
- 62 + 6 months: 72.5
- 62 + 7 months: 72.9
- 62 + 8 months: 73.3
- 62 + 9 months: 73.8
- 62 + 10 months: 74.2
- 62 + 11 months: 74.6
- 63 years: 75.0
- 63 + 1 mes: 75.4
- 63 + 2 months: 75.8
- 63 + 3 months: 76.3
- 63 + 4 months: 76.7
- 63 + 5 months: 77.1
- 63 + 6 months: 77.5
- 63 + 7 months: 77.9
- 63 + 8 months: 78.3
- 63 + 9 months: 78.8
- 63 + 10 months: 79.2
- 63 + 11 months: 79.6
- 64 years: 80.0
- 64 + 1 mes: 80.6
- 64 + 2 months: 81.1
- 64 + 3 months: 81.7
- 64 + 4 months: 82.2
- 64 + 5 months: 82.8
- 64 + 6 months: 83.3
- 64 + 7 months: 83.9
- 64 + 8 months: 84.4
- 64 + 9 months: 85.0
- 64 + 10 months: 85.6
- 64 + 11 months: 86.1
- 65 years: 86.7
- 65 + 1 mes: 87.2
- 65 + 2 months: 87.8
- 65 + 3 months: 88.3
- 65 + 4 months: 88.9
- 65 + 5 months: 89.4
- 65 + 6 months: 90.0
- 65 + 7 months: 90.6
- 65 + 8 months: 91.1
- 65 + 9 months: 91.7
- 65 + 10 months: 92.2
- 65 + 11 months: 92.8
- 66 years: 93.3
- 66 + 1 mes: 93.9
- 66 + 2 months: 94.4
- 66 + 3 months: 95.0
- 66 + 4 months: 95.6
- 66 + 5 months: 96.1
- 66 + 6 months: 96.7
- 66 + 7 months: 97.2
- 66 + 8 months: 97.8
- 66 + 9 months: 98.3
- 66 + 10 months: 98.9
- 66 + 11 months: 99.4
- 67 years: 100%
To get an estimate of your Social Security benefits, you can use the Social Security Benefits Calculator. You can also request an estimate using a my Social Security account and other tools available on the SSA web portal.
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