What Is the Full Retirement Age for Someone Born in 1956?
Understand your Social Security Full Retirement Age if born in 1956 and how your claiming choices affect your retirement benefits.
Understanding the concept of Full Retirement Age is important for anyone planning their financial future. This specific age determines when a person can receive their earned Social Security benefits without any reduction. It serves as a benchmark for retirement planning, guiding decisions about when to initiate benefit claims.
Understanding Full Retirement Age
Full Retirement Age (FRA) refers to the specific age at which the Social Security Administration (SSA) considers an individual eligible to receive 100% of their Primary Insurance Amount (PIA). The PIA represents the monthly benefit calculated from an individual’s average indexed lifetime earnings. This age is determined by a person’s birth year. Congress amended Social Security laws in 1983 to gradually increase the FRA. This adjustment means that individuals born in different years have varying full retirement ages.
Full Retirement Age for Those Born in 1956
For individuals born in 1956, the Full Retirement Age is 66 years and 4 months. This age applies to both men and women born within that year. This is part of a phased increase in the Full Retirement Age, designed to eventually reach 67 for individuals born in 1960 or later.
How Claiming Age Impacts Social Security Benefits
The age at which an individual chooses to begin receiving Social Security benefits significantly affects the monthly payment amount. Claiming benefits before reaching Full Retirement Age results in a permanent reduction in the monthly benefit. For those who claim as early as age 62, benefits are reduced by a specific percentage for each month prior to their FRA. For instance, an individual with a Full Retirement Age of 67 who claims at age 62 would see their monthly benefit permanently reduced by approximately 30%.
Conversely, delaying the start of benefits beyond Full Retirement Age can permanently increase the monthly payment. This increase is achieved through Delayed Retirement Credits (DRCs), which are earned for each month benefits are postponed up to age 70. For those born in 1943 or later, the annual increase is 8%, which translates to two-thirds of 1% for each month of delay. These credits stop accumulating once an individual reaches age 70.
Applying for Social Security Retirement Benefits
Applying for Social Security retirement benefits requires gathering specific documentation. Individuals should ensure they have their Social Security card or a record of their Social Security number readily available. A birth certificate is necessary to verify age. For individuals not born in the U.S., proof of U.S. citizenship or lawful alien status is required.
Applicants will also need their W-2 forms or self-employment tax returns from the previous year. If military service occurred before 1968, relevant military service papers should be prepared. Bank account information, including routing and account numbers, is needed for direct deposit. Information regarding current and former spouses, as well as dependent children, may also be requested.
Applications can be submitted online via the Social Security Administration’s website, by phone by calling the SSA’s toll-free number, or in person at a local Social Security office. After an application is submitted, processing times can vary, generally taking several weeks to a few months. Applicants can check the status of their application through their personal “my Social Security” online account or by phone.