Your Social Security retirement age depends on when you were born. Generally, the later you can retire, the higher your benefits will be. The Social Security Administration allows you to retire early, but if you do, your benefits will be reduced.
Consult the following chart to help you choose the age to retire. As you evaluate your retirement planning needs, review the following information about how your retirement age affects your Social Security benefits.
|What Is the Social Security Retirement Age?|
|Year of Birth||Full Retirement Age||Early Retirement Age||Early Retirement Benefits Reduction||Delayed Retirement Yearly Increase|
|1937 or earlier||65||62||20%||5.50% (1933-34)
|1960 and later||67||62||30%||7.50% (1941-42)
8.00% (1943 and later)