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Social Security Facts and Strategies

BY Richard Stieglitz
December 28, 2011

Social Security is the biggest retirement system in the United States and its benefits play an important role for retiring Baby Boomers. Millions of Americans depend on their monthly benefits, the amount which can be affected by various factors, most importantly the age at which you retire.

Retirement Age

The normal retirement age, also known as the Full Retirement Age, is currently 66, which applies to anyone born between the years 1943-1954. Full Retirement Age is deferred by two months for each year born after 1954, and is age 67 for anyone born after 1959. Beneficiaries can delay their retirement up until age 70, and receive an increase in their benefits of approximately 8% for every year they wait. There is also a permanent monthly benefit reduction of up to 25% if the beneficiary chooses to retire early, currently as early as age 62.

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