This means good news for those born prior to that date, as their full retirement age is almost here, with some having all but a few months until they can collect benefits and some having a full year to go.
Since the retirement age is entirely dependent on a person’s birth year, it can be a bit hard to calculate. This is why the Social Security Administration provided handy tables to ensure that no future retiree claimed benefits early by accident, losing on valuable income during retirement.
Claiming Social Security Benefits
For those who wish to claim benefits just as they turn their full retirement age, please do remember that it takes some time to file for and be approved for benefits, but it is easier to claim a bit later than you think and maybe accumulate one month extra of benefits than to try to claim on the exact date and end up claiming early.
Filing at the appropriate time is key to ensuring that your benefits are not reduced.
And for those who wish to have even higher benefits, consider Delayed Retirement Credits (DRCs), which are offered to workers who remain in the workforce past their full retirement age.
These credits accumulate until age 70 when there are no more DRCs, and benefits will start for those who have not claimed before. Since these credits are also accumulated month to month, the exact amount of extra benefits will depend on the beneficiary in question.
For example, for a worker born in 1959, their benefit amount would increase to 125.3 percent of their full retirement age if they retire at 70.
