When can I start collecting Social Security retirement benefits?

If you feel you are considering retirement, or are just curious to know roughly when you are able to retire and claim Social Security retirement benefits, you will greatly benefit from the knowledge about to be presented here. We’ll look into what the retirement age is, as determined by the Social Security Administration, and how recent policy changes might effect this current determination. This information is definitely useful when starting to plan retirement or when discussing retirement with your financial advisor.

In the past the Social Security Administration considered the age of retirement to be 65. At this age you would be able to begin accepting retirement benefits from Social Security. The amount of these benefits was determined on the basis that the majority of workers would chose to stop working a full time job and want to start claiming their retirement benefits at the age of 65.

In recent times, however, people have been living longer, healthier lives. This makes the Social Security Administration feel that the age for retirement is changing because people are choosing to persue active work at and through the age of 65. On this basis, they determined that the policy should adjust the age that you are able to claim full retirement benefits. They did that by raising the age that you can claim full retirement benefits at to age 67. Note well that this change only applies to anyone born after the year 1960. If you were born before 1938 then you can still fully retire at age 65. The SSA is attempting to gradually increase this age from 65 to 67 by rolling it out over many years based on the year you were born in.

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