Retirement and Social Security
Definition
The age at which you can get your full Social Security retirement benefit; it is 67 for anyone born in 1960 or later.
What it means
Full retirement age, also called normal retirement age, depends on your birth year. It is 66 for people born from 1943 to 1954, rises by two months a year for those born from 1955 to 1959, and is 67 for people born in 1960 or later. People born on January 1 use the previous year's rule. You can start retirement benefits as early as 62, but the monthly amount is permanently reduced; with an FRA of 67, starting at 62 pays about 70% of the full amount. Waiting past FRA earns delayed retirement credits until age 70. If you claim before FRA and keep working, the earnings test may temporarily withhold benefits above a yearly limit. Medicare eligibility starts at 65, regardless of your FRA.
Example
Someone born in 1962 whose full benefit at 67 would be $2,000 a month receives about $1,400 a month if benefits start at 62.
Illustrative numbers only. Your situation will differ.