In the United States, the term “full retirement age” usually refers to age-you must reach to be eligible to receive full benefits from social security. Depending on when you were born, this age, also known as the “normal age of retirement” may vary. The administration of the social security is gradually increasing it as lengthening life expectancy. Any age at which you start collecting before Your “full retirement age” is considered “early retirement”. The youngest age at which you (or anyone) can begin collecting retirement social security benefits is age 62.
What’s the difference? Early retirees receive a reduced benefit. This means that if you decide to retire for social security (SSA) standards, monthly payments you receive will be lower than in older, full age, pensioners – to compensate for the fact that you have them before and, presumably, will be to obtain them over a long period of time. There are several factors which determine the reduction of benefits based on a formula used by the SSA. (Look at how much Social Insurance do You get? to find out more.)
For persons born before 1938, full retirement age is 65 years, while those born between 1938 and 1960, on a graduated scale age to 67. It is possible that PAS may continue to raise the retirement age to cope with its problems of solvency.
Of social security benefits based on average earnings for most of the working life of the employee. Your actual earnings are first adjusted or “indexed” to reflect changes in average wages since the beginning of the year the income was received. Then, the SSA calculates your average monthly indexed earnings during the 35 in which you earned the most. They are used in the Formula to these earnings and arrive at the basic benefit or “primary insurance amount” (PIA). PIA is the amount you wanted to your full age of retirement if you are eligible, you will receive benefits based on your average earnings during the 35 years when you made more money.
You also must score at least 40 credits if you were born in 1929 or later, to receive social security. You can obtain four credits per year, so you have to work at least 10 years to qualify for any benefits. If you have not worked enough to qualify for benefits and You are married to someone who did, you are likely to be entitled to benefits based on the use of your working spouse. Your benefit in this case cannot exceed half the benefit of your spouse. If your own benefit amount exceeds half of your spouse, you and your spouse will be able to collect Your individual benefits.
If your spouse dies, you can get 100% benefit of your spouse, if you have reached full retirement age. You can get reduced for survivor at the age of 60 years.