Retirement Age Calculator

Retirement Claiming Strategies

What Is Full Retirement Age (FRA)?

Full Retirement Age (FRA) is the age at which you can claim 100% of your Social Security retirement benefits. FRA is determined by your birth year and was established by the Social Security Administration (SSA) as part of the Social Security program created in 1935. Understanding your FRA is crucial for retirement planning because claiming benefits before or after this age significantly affects your monthly benefit amount for the rest of your life.

For people born in 1960 or later, FRA is 67 years old. For those born between 1943 and 1959, FRA gradually increases from 66 to 67 in two-month increments. For example, if you were born in 1955, your FRA is 66 years and 2 months. If you were born in 1958, your FRA is 66 years and 8 months. For those born before 1943, FRA was 65, but this older schedule no longer applies to current workers approaching retirement.

Your FRA determines the baseline for calculating early and delayed retirement adjustments. If you claim benefits before your FRA (as early as age 62), your monthly benefit is permanently reduced by a percentage that depends on how many months early you claim. Conversely, if you delay claiming past your FRA (up to age 70), you earn delayed retirement credits that permanently increase your monthly benefit by 8% per year of delay.

FRA applies specifically to Social Security retirement benefits, which are based on your lifetime earnings and work history (you need 40 credits, roughly 10 years of work, to qualify). FRA is different from Medicare eligibility age (which is 65 for everyone), required minimum distribution (RMD) age for retirement accounts (now 73 as of 2023), and the age at which you can access retirement accounts without penalty (59½ for 401(k)s and IRAs). Each of these retirement-related ages has different rules and implications.

Full Retirement Age by Birth Year

The Social Security Administration uses your birth year to determine your FRA. Here's the complete schedule:

Important: These ages are set by law and apply universally regardless of your work history, earnings, or health status. Your FRA is solely determined by your birth year and month (within the birth year ranges shown above).

Early, Full, and Delayed Retirement: Understanding Your Options

Early Retirement (Age 62-FRA)

You can claim Social Security retirement benefits as early as age 62, but your benefit will be permanently reduced for every month you claim before your FRA. The reduction is substantial: claiming at 62 instead of 67 (the FRA for those born in 1960+) results in a 30% permanent reduction in monthly benefits. If your FRA benefit would be $2,000/month, claiming at 62 gives you only $1,400/month — and this reduction lasts for life, never increasing to the full amount.

When to consider early retirement: You have health issues that may shorten your life expectancy, you need the income immediately and have no other resources, you're unemployed and cannot find work in your early 60s, you have a significantly younger spouse who will receive survivor benefits, or you have substantial other retirement income and can afford the reduction.

Full Retirement Age (FRA)

Claiming at your FRA means you receive 100% of your calculated benefit based on your lifetime earnings record. This is the "baseline" benefit amount. There are no reductions and no earnings test restrictions (you can earn unlimited income without benefit withholding). For many people, FRA represents a balanced approach between early and delayed claiming.

Delayed Retirement (FRA to Age 70)

For every year you delay claiming past your FRA up to age 70, you earn delayed retirement credits (DRCs) worth 8% per year. This means if your FRA is 67 and you wait until 70, your benefit increases by 24% permanently (3 years × 8% = 24%). These credits stop accruing at 70, so there's no advantage to waiting past 70 to claim.

People Also Search For

How many years until I can retire

To find how many years until you can retire, enter your birth date and target retirement age in the calculator above—it instantly shows years, months, and days remaining. The calculator also shows when you'll reach key retirement milestones: age 59½ (penalty-free 401(k)/IRA withdrawals), age 62 (earliest Social Security), Full Retirement Age 66-67 (full Social Security benefits), and age 70 (maximum Social Security benefits). Use our Date Countdown Calculator for a live countdown timer to your retirement date.

What is the best age to retire for Social Security

The best age to claim Social Security depends on your health, life expectancy, financial needs, and whether you're still working—there's no universal "best" age for everyone. Claiming at 62 (earliest) gives you more years of benefits but reduces them by 25-30%. Waiting until 70 (latest) increases benefits by 24-32% over Full Retirement Age but requires 8 years of waiting. Break-even analysis: if you live past 78-80, delaying usually pays off. If you need income now or have health concerns, claiming earlier may be better.

Can I retire at 55 and collect Social Security

No, you cannot collect Social Security retirement benefits at age 55—the earliest claiming age is 62. However, you can retire from your job at any age if you have sufficient savings or other income sources. Early retirement at 55 requires alternative income: 401(k)/IRA withdrawals (with penalty until 59½ unless you use Rule of 55 or SEPP), pensions, rental income, part-time work, or savings. Some government employees and military personnel have pension plans allowing retirement at 55, but Social Security remains unavailable until 62.

How does retirement age affect Social Security benefits

Claiming Social Security before Full Retirement Age reduces benefits by ~6% per year (up to 30% reduction at 62), while delaying past FRA increases benefits by 8% per year (up to 24-32% increase at 70). For example, if your FRA benefit is $2,000/month: claiming at 62 reduces it to $1,400-1,500/month, while waiting until 70 increases it to $2,480-2,640/month. The reduction or increase is permanent—it affects your benefit for life and impacts survivor benefits. The calculator above shows your FRA based on birth year.

What is Full Retirement Age for Social Security

Full Retirement Age (FRA) for Social Security depends on your birth year: born 1943-1954 = age 66, born 1955-1959 = age 66 + 2-10 months, born 1960 or later = age 67. FRA is when you receive 100% of your calculated benefit with no reductions. Claiming before FRA permanently reduces benefits, while delaying past FRA increases them via delayed retirement credits. Enter your birth date in the calculator above to see your specific Full Retirement Age and other retirement milestones.

How to plan for early retirement

To plan for early retirement, calculate your annual expenses, multiply by 25-30 to determine your target retirement savings (using the 4% safe withdrawal rule), then determine how many years of saving/investing are needed. Key steps: maximize retirement account contributions (401(k), IRA), invest in diversified portfolio (stocks/bonds), minimize debt, reduce expenses, consider part-time work or passive income, and plan for healthcare costs until Medicare at 65 (via COBRA, ACA marketplace, or spouse's coverage). Early retirement requires significantly more savings since your money must last longer.

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