I Was Born in 1958. What Is My Full Retirement Age?

Social Security benefits are a foundational component of retirement planning for many individuals across the United States. A significant element in determining these benefits is understanding your Full Retirement Age (FRA). This specific age represents the point at which you become eligible to receive 100% of your earned Social Security benefits, without any reductions for early claiming. Your FRA is not a universal age, but rather a variable that depends on your birth year.

Full Retirement Age for Those Born in 1958

For individuals born in 1958, the Full Retirement Age is 66 years and 8 months. Reaching this age ensures you receive your full Primary Insurance Amount (PIA) without reduction.

The concept of varying Full Retirement Ages emerged from 1983 amendments, designed to gradually increase the retirement age for those born after 1937. The full retirement age was initially 65, but legislative changes aimed to ensure the program’s long-term financial stability. This adjustment resulted in a staggered schedule, with the FRA increasing incrementally for each subsequent birth year cohort, reaching 67 for those born in 1960 or later.

How Claiming Age Affects Your Benefits

The age at which you choose to begin receiving Social Security benefits impacts your monthly amount. While you can start claiming benefits as early as age 62, doing so results in a permanent reduction from your full retirement benefit. This reduction is calculated based on the number of months you claim benefits before your FRA. For example, if your FRA is 66 years and 8 months and you claim at age 62, your monthly benefit could be reduced by approximately 28.33%.

Conversely, delaying benefits past your Full Retirement Age can lead to a larger monthly payment. For individuals born in 1943 or later, delaying benefits earns “delayed retirement credits,” which increase your monthly benefit by 8% for each year you wait beyond your FRA. These credits accrue for every month you delay, up until age 70, at which point your benefit amount stops increasing. Waiting until age 70 can result in a higher monthly benefit for the rest of your life.

Factors Influencing Your Social Security Benefit Amount

Your Social Security benefit amount is determined by your lifetime earnings record. The Social Security Administration (SSA) calculates your benefit based on your 35 highest-earning years, with annual earnings adjusted for historical wage growth. If you have fewer than 35 years of earnings, zero earnings are factored in for missing years, which can reduce your overall benefit.

From these indexed earnings, the SSA computes your Average Indexed Monthly Earnings (AIME). AIME represents your average monthly earnings over your highest 35 years, adjusted to reflect changes in general wage levels. This AIME is then used in a progressive formula to determine your Primary Insurance Amount (PIA). The PIA is the monthly benefit you are entitled to receive at your Full Retirement Age, serving as the base amount before any adjustments for early or delayed claiming.