If I Was Born In 1959 How Old Am I – Social Security retirement benefits can be a confusing topic, but we want to explain how much you can get when you receive them.
It has been many years, he is 65 years old. However, that has changed now! Starting with those born in 1938 or later, the age gradually increases until it reaches 67 for those born after 1959.
If I Was Born In 1959 How Old Am I
There is a simple retirement age calculator on the SSA website where you can enter your birth year, and it will tell you your full retirement age.
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For example, if you were born in 1942, your full retirement age is 65 and 10 months. If you were born in 1959, your full retirement age is 66 and 10 months. The full retirement age for people born between 1943 and 1954 is 66.
Regardless of your full retirement age, the earliest you can start receiving Social Security retirement benefits is age 62, and the latest you can start receiving benefits is 70.
You are allowed to retire at age 62, but if you do, your benefits will be reduced by one percent each month before your full retirement age.
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For example, let’s say you were born in 1950. Your full retirement age is 66, but you decided to retire 4 years earlier (or 48 months earlier). Your retirement benefits will be reduced by 25%! For example, a $1,000 retirement benefit would be reduced to $750. This reduction is permanent.
Retiring early and taking Social Security benefits at age 62 actually reduces your benefits. However, you reap the benefits in the long run.
As you can see in this example – assuming a $1,000 benefit during retirement – your benefit will increase to $1,280 per month at age 70. This is the result of delayed retirement credits you get while you wait to receive your benefits. . For example, the benefit at age 70 is about 76% greater than if you started at age 62!
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To estimate your retirement benefits, use the retirement benefits calculator provided by the SSA. You will need to verify your identity first, but you will be able to see what your benefits are.
You are allowed to continue working while receiving Social Security (SS) retirement benefits. In fact, more people over the age of 65 continue to work, so this is not unusual! Many also do it out of necessity – SS benefits just aren’t enough to live comfortably.
The good thing about working and receiving SS benefits is that it may benefit you more in the future. In essence, you increase your lifetime income, which slightly increases your benefits for future years.
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If you are working and at full retirement age (see above), you will receive less from Social Security. Benefit reductions only apply if you work below full retirement age. It does not affect the amount that will be earned in the future.
When you reach full retirement age, Social Security will recalculate your benefits to give you credit for the months you missed because of your earnings. Also, as long as you continue to work and receive benefits, they will review your records each year to see if your additional income will increase your monthly benefits.
For all years throughout your retirement age, Social Security will deduct $1 from your benefit payments for every $2 you earn over the annual limit. For 2019, the limit is $17,640.
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If you get too much, your profit will be low, so you won’t make any profit.
In the year you reach full retirement age — usually a month earlier — your benefit deduction drops by $1 for every $3 you earn, but earnings limits vary. In 2019, the limit is $46,920 — but Social Security only counts your earnings the month before you reach full retirement age.
For example, if you reach full retirement age in November, these new deductions and annual income limits apply from January to October of that year.
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Once you officially reach full retirement age, your earnings will not reduce your benefits, even if you earn them.
I know it’s a bit complicated, but the benefit here is that if you started taking Social Security benefits before your full retirement age, and you’re still working, your current benefits are reduced.
You can play around with our Retirement Income Test Calculator to see what could reduce your benefits!
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If you’ve been thinking about investing in CDs or the money market, it might be time to put that money somewhere else.
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If you were born in 1959, your full Social Security retirement age is 66 years and 10 months.
People born in 1959 can start Social Security starting in 2021, when they turn 62. Waiting until your full retirement age, which starts in 2025, means you’ll get 100% of your benefits. Delaying until 2029 will give you the biggest check.
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If you’re like most people, you can expect to live past the “break-even” age where the big check you get after starting Social Security will outweigh the small check you don’t collect. (If you’re a man, at age 65, you can expect to live another 19 years. If you’re a woman, the average life expectancy at 65 is 84.6.)
In married couples, the higher earner should wait longer to kick in, as this is the benefit that will go to the survivor when the first spouse dies.
Retirement and claiming Social Security do not have to go together. It may make sense if you retire early and claim later, or claim and continue working. If you need money to support you, financial advisors often recommend using a retirement fund. You can sign up for Medicare at age 65 even if you claim Social Security.
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Determine the answer to “When can I retire?” usually requires identifying sources of income other than Social Security, because that alone is not enough to retire comfortably. Social Security replaces about 40% of most late-career earnings, although it may replace more if you earn less if you earn more.
Most people need additional income from a pension, retirement fund, or other savings to supplement what they receive from Social Security.
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What is Medicare, and what does it cover? By Liz Weston, CFP®, Kate Ashford, CSA® Read More Social Security: What It Is, How OASDI Works By Kara Smith, Dalia Ramirez Read More
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Sign up and we’ll send you nerdy articles on money topics that matter to you, along with other ways to help you make more money. Find out at what age we can start accessing the private or state pension pot.
For men and women, you can access the state pension from the age of 66. The state pension age will rise to 67 between 2026 and 2028. However, you can access your personal or workplace pension at the age of 55.
This post will clear up some important questions about when you can get your state or private pension.
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A rising state pension age means people receive a regular income provided by the government at a later age. Since December 2018, men and women have been eligible for the State Pension at the same age – now 66.
StatePension can cover a significant part of your pension costs. The standard age at which we can access the state pension is reviewed by the government from time to time and is increased as a result of adjustments to government regulations.