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Step 1 -- Determine The Normal Retirement Age

THE WAY BENEFITS ARE COMPUTED NOW:
Overview
Limitations
Step 1 - Find The Normal Retirement Age
Step 2 - Calculate The Average Indexed Monthly Earnings
Step 3 - Calculate The PIA
Step 4 - Retirement Benefits For A Spouse
Current Year Wage & Benefits Maximums
Senior's Earning Limit Repealed

Overview

The earliest date that one can receive Social Security retirement benefits is generally the first of the month after turning 62 years old. However, if one is born the first day of a month, retirement benefits will begin on the worker's 62nd birthday.

The Normal Retirement Age varies between 65 and 67 years old depending on the year of birth. Retiring before the Normal Retirement age will result in lower monthly Social Security retirement benefits. Retiring after the Normal Retirement Age will result in increased Social Security monthly retirement benefits due to a increased multiplier of the Primary Insurance Amount (PIA). The multiplier of the Primary Insurance Amount stops increasing if one works past age 70.

Normal Retirement Age

 
BIRTH YEAR AGE IN YEARS ADDITIONAL MONTHS
1938 65 2
1939 65 4
1940 65 6
1941 65 8
1942 65 10
1943-1954 66 0
1955 66 2
1956 66 4
1957 66 6
1958 66 8
1959 66 10
After 1959 67 0
Example. A person born on January 2, 1939 would reach 65 and 4 months on May 1, 2004.

Our free software that you can download will calculate this date for you!

 

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