• Denise Hue

Social Security Benefits (2019 Update)

Social Security Retirement Age

The retirement age for receiving full Social Security benefits is gradually increasing under current law to 67, as shown below. If you were born on the first of the month, Social Security treats your birthday as if it were in the previous month.


Reduced benefits may be elected if you are at least age 62. If you were born in 1958 and elect benefits at age 62 in 2020, the benefit is 71.6666% of what could be claimed at full retirement (age 66 and 8 months). Even though your full Social Security retirement age is over 65, you should register with the Social Security Administration three months before the month in which you turn age 65 to ensure Medicare coverage.


Birth Year Full Social Security Retirement Age

1943-1954 66

1955 66 and 2 months

1956 66 and 4 months

1957 66 and 6 months

1958 66 and 8 months

1959 66 and 10 months

1960 and after 67


Benefits before reaching full retirement age may be reduced because of earnings.

If you are under full retirement age and are receiving benefits, $1 of benefits will be deducted for each $2 earned above an annual limit. In 2019, the limit was $17,640 (the 2020 limit will be $18,240). Starting with the month in which you reach full retirement age, you are entitled to full benefits with no limit on how much you may earn.


There is also a favorable rule for the first year of retirement. A full benefit may be received for any month in which your earnings do not exceed 1/12 of the annual limit, even if the yearly limit is exceeded.

©2020 by Denise Hue.