What is the Social Security Retirement Age?

As Congress passed the law in 1983, the full retirement age of social security has gradually increased. Traditionally, all ages of welfare are 65 years old, early retirement benefits are provided for the first time at 62 years old, and will be deducted permanently up to 80% of all benefits. Today, the total benefit age of people born in 1955 is 66 years 2 months, and the benefit age of people born after 1960 gradually rise to 67 years old. Early retirement benefits will continue to be offered at the age of 62, but will be reduced. When the total benefit age reaches 67 years, the benefit at the age of 62 decreases to 70% of the total benefit, and the first benefit at the age of 65 decreases to 86.7% of the total benefit.

There is an economic bonus as retirement is delayed. In 2017 (66 years and 2 months), an individual who reached the welfare heyday period receives an increase of 8% annually and delays receiving that benefit. Because of this delay, when the aggregate benefit age reaches 67 years, benefits increase by 24% at age 70. The maximum retirement benefit for those paying benefits over 70 in 2017 is $ 3,538 per month.

* The views of the members of the university are their own, not the official position of the National Social Insurance Institute or its sponsors.

In order to receive full benefits for retired people under social security, we must meet the "retirement age" stipulated by the Social Security Act. Normally, this is considered 65 years old. However, according to the law, the actual retirement age will depend on the year in which the beneficiary or potential beneficiary was born. The graph below shows the individual's eligibility for age and complete retirement of these years. Social security has developed rapidly since its founding in 1935. According to the Social Security Administration, as of June 2015, nearly 60 million social security beneficiaries. Of these beneficiaries, about 42.6 million retired workers and their families, 10.9 million people with disabilities and their families, and about 6.1 million people are survivors of beneficiaries. This has greatly increased from the number of reports in 1970, when the total number of beneficiaries was approximately 25.7 million people.

This is a historical change in the social security pension system. From the beginning of social security in 1935, retirement benefits demanded beneficiaries to retire. This requirement is defined by the RET rule. RET has changed greatly over the years. This request first decreased due to the 1950 revision, and workers over the age of 75 are exempt from RET. In 1954, the age of exemption decreased to 72 years, and in 1977 it decreased to over 70 years. In a new law starting from the National Rifle Association, social security retirement payments will be paid to beneficiaries still working. In fact, for those who have reached full retirement, this will abolish the requirement of beneficiaries of substantial retirement to receive full social security retirement benefits.