At What Age Can I Start Drawing Social Security

SOCIAL SECURITY

Fact Sheet

Social Security

Increase in Retirement Age

The Social Security Amendments of 1983 (H.R. 1900, Public Law 98-21) contained ii provisions which may have an touch on on when an individual decides to retire. The ii provisions are an increase in the retirement age that can kickoff affect individuals retiring in 2000 and an increase in the delayed retirement credit for those who work beyond total retirement historic period.

Increase in Retirement Age

For persons born in 1938 or later, their Social Security benefit may be afflicted by a provision that raises the age at which full Social Security benefits are payable.
The age for collecting total Social Security retirement benefits will gradually increase from 65 to 67 over a 22-year period beginning in 2000 for those retiring at 62.
The earliest a person can first receiving reduced Social Security retirement benefits will remain age 62.

Increase in Age for Receiving Full Social Security Benefits

Year of Nascency	Full Retirement Age
1937 or earlier	65
1938	65 and ii months
1939	65 and iv months
1940	65 and half dozen months
1941	65 and viii months
1942	65 and ten months
1943 � 1954	66
1955	66 and 2 months
1956	66 and 4 months
1957	66 and 6 months
1958	66 and viii months
1959	66 and 10 months
1960 and later	67

Groundwork
- The 1983 Amendments phased in a gradual increase in the age for collecting full Social Security retirement benefits. The retirement age will increment from 65 to 67 over a 22-year period, with an 11-year hiatus at which the retirement age will remain at 66.
- The original Social Security Deed of 1935 ready the minimum age for receiving full retirement benefits at 65.
- Congress cited improvements in the wellness of older people and increases in boilerplate life expectancy as master reasons for increasing the normal retirement age.
- Since the program first began paying monthly Social Security benefits in 1940 the boilerplate life expectancy for men reaching age 65 has increased nearly 4 years to historic period 81; for women reaching age 65, their average life expectancy has increased almost 6 years to age 84.
- The average age for men retiring in 1998 was 64. The average age for women retiring in 1998 was 64. In 1998, nearly 69% of men and women retired and started taking Social Security benefits before age 65.

The earliest a person tin kickoff receiving Social Security retirement benefits will remain age 62.

Social Security benefits are reduced for each calendar month a person receives benefits before full retirement age.
- For persons whose full retirement historic period is 65, a retirement benefit is reduced by ⁵/₉ of i% for each month of benefits prior to full retirement age.
As the age for collecting full Social Security benefits increases, persons who retire at historic period 62 will see a greater reduction in their Social Security benefits.
- For persons whose full retirement age is historic period 65 and 2 months or after, a retirement do good will be reduced by ⁵/_nine of i% for each month up to the first 36 months of benefits earlier full retirement age, plus ⁵/₁₂ of one% for each month of benefits in excess of 36 prior to full retirement age.
- Examples:
  - Social Security benefits are reduced by 20% for a person who retires at 62 whose total retirement historic period is 65 (born 1937 or before).
  - Social Security benefits volition exist reduced by 20⁵/_vi% for a person whose total retirement historic period is 65 and two months (retires at 62 in 2000).
  - Social Security benefits will be reduced past 25% for a person who retires at 62 whose total retirement age is 66 (born 1943-1954).
  - Social Security benefits will be reduced by 30% for a person who retires at 62 whose total retirement age is 67 (born in 1960 or later).
Background
- The Social Security Amendments of 1956 lowered the minimum age for retirement benefits to 62 for women.
- The Social Security Amendments of 1961 extended the early retirement provision to men.

The new Social Security Statement :

Tells a person their full retirement age and
Provides a retirement benefit estimate for age 62, total retirement historic period, and historic period 70.
The age 62 do good approximate incorporates the reduction for early retirement.
The age 70 benefit estimate incorporates delayed retirement credits.

SSA Press Office 449 Altmeyer Bldg. 6401 Security Blvd. Baltimore, Dr. 21235
410-965-8904 FAX 410-966-9973