Key Social Security Ages You Need to Know
Navigating Social Security can be complex, but knowing the key ages can help you plan effectively for your retirement and maximize your benefits. Below are the essential Social Security milestones you should be aware of.
Key Social Security Ages You Need to Know
Navigating Social Security can be complex, but knowing the key ages can help you plan effectively for your retirement and maximize your benefits. Below are the essential Social Security milestones you should be aware of.
Age 60: Survivor Benefits Begin
If you are a surviving spouse or eligible dependent, you can begin claiming Social Security survivor benefits as early as age 60. However, taking benefits before your full retirement age (FRA) will result in a reduced monthly payment.
Age 62: Earliest Age to Claim Retirement Benefits
You can start claiming Social Security retirement benefits at age 62, but your monthly benefit amount will be permanently reduced compared to waiting until full retirement age.
Age 65: Medicare Enrollment Begins
Medicare eligibility begins at age 65. If you’re not automatically enrolled, you should sign up during the Initial Enrollment Period, which starts three months before your 65th birthday and lasts for seven months.
Ages 66-67: Full Retirement Age (FRA)
Your full retirement age depends on your birth year:
- If you were born between 1943 and 1954, your FRA is 66.
- If you were born between 1955 and 1959, your FRA gradually increases from 66 to 67.
- If you were born in 1960 or later, your FRA is 67.
Waiting until FRA means you receive 100% of your calculated benefit rather than a reduced amount.
Age 70: Maximum Retirement Benefits
If you delay claiming Social Security benefits past your FRA, your benefit amount will increase by about 8% per year up to age 70. After 70, there is no additional benefit to waiting, so it’s best to claim at this point if you haven’t already.
Annual Cost-of-Living Adjustment (COLA) Updates
Each year, the Social Security Administration announces cost-of-living adjustments (COLA) that impact benefits. These adjustments help beneficiaries keep pace with inflation.
Final Thoughts
Understanding these key Social Security ages can help you make informed decisions about when to claim benefits and how to maximize your retirement income. At Vesta Wealth Advisors, we specialize in helping individuals navigate their retirement planning with tailored strategies. If you need personalized guidance, contact us to develop a strategy that aligns with your goals.