I Was Born in 1957, What Is My Retirement Age?

Planning for retirement involves understanding when you can access your Social Security benefits and how your claiming age impacts them. For those born in 1957, understanding your specific “retirement age” is key. This article clarifies the full retirement age for individuals born in 1957 and explains how various factors, including when you choose to claim and if you continue working, can affect your Social Security benefit amount.

Your Full Retirement Age

For individuals born in 1957, your Full Retirement Age (FRA) for Social Security benefit purposes is 66 years and 6 months. This age is the point at which you are entitled to receive 100% of your Primary Insurance Amount (PIA), which is your full monthly benefit calculated based on your earnings record.

The Full Retirement Age has undergone a gradual increase over time, reflecting changes in life expectancy. For example, individuals born between 1943 and 1954 have a Full Retirement Age of 66. This progression continues until the Full Retirement Age reaches 67 for those born in 1960 or later. The 66 years and 6 months for those born in 1957 is part of this legislated schedule.

Claiming Social Security Benefits Early or Late

While your Full Retirement Age for those born in 1957 is 66 years and 6 months, you have options regarding when you can begin receiving Social Security benefits. The earliest age you can claim retirement benefits is 62. However, choosing to claim benefits at age 62 or any age before your Full Retirement Age will result in a permanent reduction of your monthly benefit amount.

The reduction for claiming early is calculated based on the number of months you receive benefits before your Full Retirement Age. For instance, if you claim benefits at age 62, your monthly payment would be reduced by approximately 27.5% compared to what you would receive at your Full Retirement Age. This reduction occurs because you will be receiving benefits for a longer period.

Conversely, delaying the start of your Social Security benefits beyond your Full Retirement Age can increase your monthly payment. For each year you delay claiming benefits past your FRA, up to age 70, you earn delayed retirement credits. These credits permanently increase your monthly benefit amount. For individuals born in 1957, the annual increase from delaying is 8% for each year you wait past your FRA, up to age 70.

Working While Receiving Social Security

If you decide to claim Social Security benefits before reaching your Full Retirement Age and continue to work, your earnings can temporarily reduce your benefit payments. This is due to the Social Security Administration’s earnings limit rule.

For example, in 2025, if you are under your Full Retirement Age for the entire year, a portion of your benefits may be withheld if your earnings exceed a specific annual limit. For every $2 you earn above this annual limit, $1 will be deducted from your Social Security benefits.

In the year you reach your Full Retirement Age, a different earnings limit applies, and the reduction is less severe. For every $3 you earn above this higher limit, $1 will be deducted from your benefits, but only for the months before you reach your Full Retirement Age.

Any benefits withheld due to these earnings limits are not permanently lost. Once you reach your Full Retirement Age, your monthly benefit amount will be recalculated to account for the benefits that were withheld, potentially increasing your future payments. After you reach your Full Retirement Age, the earnings limit no longer applies, and you can earn any amount of income without it affecting your Social Security benefit payments.

Medicare Eligibility and Retirement

While Social Security benefits are a significant part of retirement planning, it is important to distinguish their eligibility from Medicare coverage. Medicare eligibility generally begins at age 65, regardless of your Social Security Full Retirement Age or when you choose to claim your Social Security benefits.

This means that for individuals born in 1957, you will become eligible for Medicare at age 65, which is before your Full Retirement Age of 66 years and 6 months.

Medicare consists of different parts designed to cover various healthcare needs. Part A covers hospital insurance, generally at no premium cost for most individuals who have paid Medicare taxes through their employment. Part B covers medical insurance, including doctor visits and outpatient care, and typically requires a monthly premium.

Enrollment in Medicare usually occurs during your Initial Enrollment Period, which begins three months before your 65th birthday, includes the month you turn 65, and extends for three months afterward. It is important to enroll during this period to avoid potential late enrollment penalties for Part B.