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Obviously, people want to retire as soon as possible – often the earliest age is 62. However, your health, marital status, and your spouse’s Social Security plan may complicate your decision about receiving Social Security retirement benefits.
Retirement Age If Born In 1958
One key factor is your year of birth, as your year of birth will determine your full retirement age. For example, for people born between 1943 and 1954, the full retirement age is 66. As shown in the chart below, the full retirement age gradually increased between 1955 and 1960, decreasing by two months each year. The full retirement age is now 67 for anyone born after 1960.
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The full retirement age does not say everything. As we will explain in this article, there are advantages and disadvantages to retirement at every age.
62 is the earliest most people can start receiving benefits, and you’ll receive about 70 percent of what you would have received at full retirement age. If you were born in 1958 and retired with a full benefit of $1,000 a month, your benefit will drop to about $700 a month by the time you retire at age 62. In most cases, after receiving benefits, they stay to last a lifetime. So if you retire early, you could lose $300 a month for the rest of your life.
After age 62, your Social Security benefit increases by about half a percentage point each month. Therefore, at age 63, you will receive approximately 77% of your benefits
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If you were born between 1943 and 1954, your full retirement age is 66. Claiming at your full retirement age will entitle you to the full benefit amount, but you can still wait to claim. If you wait longer, you will receive a deferred pension which will increase your monthly benefit when you start receiving it.
At full retirement age, you can work without any deductions from your benefit amount. However, you may still have to pay tax on your withdrawals if you have other significant income, such as salary, self-employment, interest or dividends. If so, the IRS will tax you on your “combined” income, which is your adjusted gross income, plus tax-free interest, plus half of your Social Security benefits.
If you file your federal tax return as an “individual” and your total income is between $25,000 and $34,000, you pay income tax on up to half of your benefits. If you earn more than $34,000, up to 85% of your benefits may be taxable.
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If you’re married filing a joint return and your combined income is between $32,000 and $44,000, you may have to pay income tax on up to half of your benefits. If your income is more than $44,000, you may have to pay income tax on up to 85% of your benefit.
If you want to receive Social Security at full retirement age of 66 or 66 and a few months, you must apply no later than four months before reaching full retirement age. However, you must sign up for Medicare three months before your 65th birthday using Social Security’s online retirement application.
If you can delay taking Social Security until age 70, you’ll get a much higher benefit. After you reach full retirement age at age 66 (or 67), your benefits increase by 8% each year. So if your full pension at age 66 is $1,000 a month and you defer taking benefits, your monthly pension by age 67 will be $1,080, or an extra $960 a year. If you save until age 70, that would be 124% of your expected payout, or $1,240 a month. That’s $2 more per year, or $880.
Alive And Kicking (1958)
The full retirement age is 65 for people who have already reached this age or older. For those born after 1955 and before 1960, the full retirement age is 66 years and a few months. If they retire at age 65, these beneficiaries will lose at least 12 months of increases. For people born in 1960 or later, the full retirement age is 67, so if they retire at 65, they will lose up to 24 months of retirement age.
Below we show how someone born in 1960 and eligible for the full $2,500 benefit will see their monthly benefit change based on their claim age:
There are many factors that determine the best time to receive Social Security benefits. Many people do not know how long they will live. If you don’t plan to live into old age, it might be a good idea to apply for the payout early. However, if you live a long time, the extra money you get can come in handy.
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Let’s take the example of one of our users, let’s call her Lucy, who has a full pension of $1,000 at the age of 67. If Lucy were to receive her pension at age 62 (the earliest possible age), her monthly benefit would actually be closer to $700. Applying at age 62 means Lucy will receive the funds immediately, and by age 67, she will receive benefits of $700 per month for five years, for a total of $42,000. If she had waited until age 67 to start collecting, she would not have accumulated $42,000 in Social Security benefits until age 70 1/2; however, it would have taken her three and a half years—and five years with a smaller monthly payment. — and the difference continues to decrease over time.
In Lucy’s case, the break-even point is about 79; that is, the income she receives at full retirement age will be equal to what she would have earned at age 62 if she had taken the lower amount. So for Lucy, if she believes she will live to age 79, it would make sense to delay receiving benefits.
Below you can see how your total Social Security income depends on your age and life expectancy. For people over 85, it may make sense to delay payments until age 70, when monthly payments reach their maximum amount.
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However, as mentioned above, other factors such as work schedules and taxes may also be involved. Also, if Lucy receives an investment income from her Social Security income, this may change her decision. Of course, if you believe that the Social Security program may be insolvent, you may be encouraged to apply as soon as possible.
Age plays an important role in making decisions that maximize the benefits of a married couple. If you are married and receiving benefits at age 62, your benefit will be reduced from 50% to 34.2% of your partner’s benefit. The same rules apply to spousal benefits for divorcing spouses. You are eligible to claim survivor’s benefits at age 60 if your spouse had a higher income and died before age 62, or at age 50 if you were disabled.
If you receive survivor benefits at age 60, you will receive 71.5% of the deceased worker’s full benefit. However, if you are also entitled to your own pension and the amount exceeds your survivor’s benefit, you can apply for survivor’s benefit and use that benefit until you reach your full pension age or after 70 years, after which your own benefit will accrue. for the maximum amount. The amount of each benefit and the number of months you receive the benefit will determine the best strategy.
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If you want to apply for Social Security benefits at age 62, the best way to apply is to apply online. You must be 61 years and 9 months old to apply for a pension, but if you are already 62 or over, you can start receiving benefits in the month you apply. Benefits are paid the month after they expire, so if your benefits start in June, you’ll receive them in July.
If you receive Social Security disability benefits, these benefits will automatically change to retirement benefits when you reach full retirement age.
An estimated 64 million Americans received Social Security benefits in 2019, and 61% of Americans aged 60 to 70 rated Social Security as a “very important” source of income. However, there is considerable confusion surrounding the rules, which often results in people missing out on much-needed funds. Understanding how age affects Social Security is important, but it’s only the first step in your educational journey.
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There are more and more online blogs and free Social Security calculators helping people avoid costly mistakes (we think calculators are the best). The hope is that with better education on the subject, Americans will be able to maximize their income. When their daughter becomes seriously ill, the merchant family is desperate for answers. Learn how a special needs program can help them find solutions.
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What Is The Full Retirement Age For Someone Born In 1958? (2023)
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