That age varies by year of birth, but if you’re turning 62 in 2020 and were therefore born in 1958, your full retirement age is 66 and eight months. Filing for Social Security at 62, therefore, would reduce your monthly benefits by almost 30% on a lifelong basis, and that’s a pretty big hit.

Is the full retirement age 62 in 2020?

You’re only entitled to your full monthly benefit based on your earnings history upon reaching full retirement age. That age varies by year of birth, but if you’re turning 62 in 2020 and were therefore born in 1958, your full retirement age is 66 and eight months.

What are my Social Security benefits if I turn 62?

If you’re turning 62 years old in 2021, you have a FRA of 66 years and 10 months. If you begin claiming before your FRA, your benefits will be permanently reduced.

What should I know about my 62nd birthday?

Consider these key points as your 62nd birthday nears. Maurie Backman is a personal finance writer who’s passionate about educating others. Her goal is to make financial topics interesting (because they often aren’t) and she believes that a healthy dose of sarcasm never hurt anyone.

Is it better to retire at 62 or 67?

However, just because you can start benefits does not mean that you should. Your monthly Social Security paycheck increases significantly for every month and year you delay starting, up until your full retirement age (around age 67). Waiting to start Social Security can mean up to $100,000 in additional money over your lifetime.

Is there a penalty for retiring before age 62?

There is no COLA penalty for retiring before you’re 62, other than of course not receiving a COLA until the year one reaches age 62. But once you reach age 62, you’re entitled to the same COLA as all other retirees. Moreover, there is no proration of the first COLA based on age.