The Social Security Administration is helping the seniors get the full retirement benefits and these benefits are given under the name of Social Security. Now people Say Goodbye To Retirement At 67 and this fact is very much true as you start getting your retirement benefits from the age of 67 years only. But with a twist, the ones who are born in 1960 or later shall be provided the retirement benefits from your 67th Birthday.
The higher you delay your benefits, there shall be an 8% hike in the retirement benefits with 1 year increase in the retirement age. The Changes In Retirement Age are to be checked out through the article given below.
The Social Security Administration (SSA) is the leading Financial Body for the citizens of the United States which is helping them get retirement or disability benefits. The retirement benefits are provided to the citizens who have been working under the SSA and have worked for a period more than 35 years gaining 40+ work credits.
There have been discussions on the retirement age and we know the fact that you can start getting the payments from the age of 62 years but this shall reduce the benefits by 30% as the full retirement age tends to be 67 years. The Social Security full retirement age has been gradually rising, and for individuals born in 1959, benefits are available at 66 years and 10 months.
Goodbye To Social Security Retirement Age
Just a 1 year later birth year could lead you to get the retirement benefits at the age of 67 years. The Full Retirement Age has been 67 years and if you are thinking of delaying your benefits till the age of 70 years, you shall be provided with a higher benefit. The year hike in getting your retirement benefits will provide you a 8% hike in the payments.
The basic Social Security Benefit 2025 has been $4018 per month which is for those claiming it at the age of 67 years but now this will be claimed for those born in 1959 too. The change states that those who wish to retire at the age of 66 years and 8 months shall wait for the other 2 months to get their retirement benefits.
What is Social Security Benefit
- The Social Security Administration is the leading Organization for the citizens of the United States which is helping the individuals get the benefits in order to provide them with help at the time of retirement.
- The citizens usually retire at the age of 67 years but now there has been a twist as those who are born in 1959 shall be given the retirement at the age of 66 years and 10 months.
- The Goodbye To Retirement At 67 is for all those who have been born in 1959 and the benefit shall be provided for the amount of $4018 per month.
- The benefit of Social Security shall be increased in case you are delaying your payments till the age of 70 years.
Eligibility for Social Security Payment
The payment is yours if:
- Residing in USA
- Aged 62 years or more
- Income under limits
- Have a valid Social Security Number
- Work credits above 39
- Working history above 34 years.
Retirement Age For Individuals
| Birth year | Retirement at |
|---|---|
| 1943-54 | 66 years |
| 1955 | 66 years and 2 months |
| 1956 | 66 years and 4 months |
| 1957 | 66 years and 6 months |
| 1958 | 66 years and 8 months |
| 1959 | 66 years and 10 months |
| 1960 and later | 67 years |
What Happens If You Claim Benefits Early
In case you are claiming your benefits early, say at the age of 62 years, you will see a 30% reduction in the payment amount. The ones who are born in 1959 and they decide to retire at 62 years, they will get only 70.8% of their benefits.
FAQs
What has been the new retirement age for those born in 1959?
The retirement age has been fixed to be 66 years and 10 months.
What is the last age to claim your payments?
The Social Security benefits can be claimed till the age of 70 years.
How much will you get as Social Security at 67 years?
The amount to be paid is $4018 per month.