Full retirement age (FRA) is the age at which you can start receiving full Social Security retirement benefits. If you were born in 1957, your FRA depends on the month and year of your birth.
For people born in 1957, the FRA is 66 years and 6 months. This means that if you were born in 1957, you can start receiving full Social Security retirement benefits at age 66 years and 6 months. However, you can choose to start receiving reduced benefits as early as age 62, or you can delay receiving benefits until age 70 to receive increased benefits.
It’s important to understand the impact of early or delayed retirement on your Social Security benefits. If you choose to receive benefits before your FRA, your benefits will be permanently reduced by a percentage based on the number of months before your FRA that you start receiving benefits. For example, if you start receiving benefits at age 62, your benefits will be reduced by about 30 percent compared to what you would receive at your FRA.
On the other hand, if you delay receiving benefits beyond your FRA, your benefits will increase by a percentage based on the number of months you delay, up to age 70. For example, if you delay receiving benefits until age 70, your benefits will increase by about 32 percent compared to what you would receive at your FRA.
It’s also important to note that your FRA may not be the same as your spouse’s FRA, and your decision about when to start receiving benefits can impact your spouse’s benefits as well.
To help you make an informed decision about when to start receiving Social Security benefits, you may want to consider factors such as your health, your retirement goals, your financial situation, and your other sources of retirement income.
For example, if you have a significant amount of retirement savings and can afford to delay receiving benefits, you may want to consider delaying your benefits to receive higher monthly payments later on. On the other hand, if you need the income and don’t have other sources of retirement income, you may want to consider starting to receive benefits as soon as possible, even if your benefits will be reduced.
You may also want to consider working part-time while receiving Social Security benefits, as this can help you supplement your income and increase your overall retirement income. However, if you work while receiving benefits before your FRA, your benefits may be reduced if you earn more than a certain amount per year.
In summary, if you were born in 1957, your FRA is 66 years and 6 months. However, you can choose to start receiving reduced benefits as early as age 62, or you can delay receiving benefits until age 70 to receive increased benefits. Your decision about when to start receiving benefits can impact your overall retirement income, so it’s important to consider all of the factors involved and make an informed decision based on your individual situation.