What Is the Full Retirement Age If Born in 1955?

Social Security retirement benefits provide a crucial source of income for many individuals in their later years. Understanding the concept of Full Retirement Age (FRA) is important for maximizing one’s entitlement. The Social Security Administration (SSA) defines FRA as the specific age when an individual becomes eligible to receive 100% of their basic Social Security benefit, without reductions for claiming early. This age varies depending on an individual’s birth year.

Full Retirement Age for Those Born in 1955

For individuals born in 1955, the Full Retirement Age is 66 and 2 months. This age marks the point when they can begin receiving their full, unreduced Social Security retirement benefits.

The Social Security Act amendments of 1983 introduced a gradual increase in the full retirement age for those born after 1937. This adjustment was implemented in incremental steps, reflecting changes in life expectancy. For example, individuals born between 1943 and 1954 have an FRA of 66, while those born in 1960 or later have an FRA of 67. The 1955 birth cohort falls within this transitional period, resulting in their FRA of 66 and 2 months.

Understanding Full Retirement Age and Benefits

Full Retirement Age (FRA) is a key concept in Social Security, as it directly impacts the amount of monthly benefits an individual receives. Reaching this age means qualifying for the Primary Insurance Amount (PIA), which represents the full monthly benefit calculated by the Social Security Administration. The PIA is the base amount from which all other benefit calculations, whether for early or delayed claiming, are derived.

The calculation of an individual’s Primary Insurance Amount is based on their Average Indexed Monthly Earnings (AIME). The SSA determines AIME by considering an individual’s highest 35 years of earnings, which are adjusted, or “indexed,” to account for changes in average wages over time. These indexed earnings are then averaged over the 35 years and divided by 12 months to arrive at the monthly AIME.

Claiming Benefits at Different Ages

The age at which an individual chooses to claim Social Security retirement benefits significantly impacts their monthly payment. While the Full Retirement Age offers 100% of the Primary Insurance Amount, options exist to claim benefits earlier or later, each with distinct financial consequences.

Individuals can begin receiving benefits as early as age 62, but claiming at this age results in a permanent reduction of their monthly benefit amount. For those born in 1955 with an FRA of 66 and 2 months, claiming at age 62 would result in an approximate 25.83% reduction in their monthly benefit. This reduction is applied because benefits are received for a longer period.

Claiming benefits precisely at the Full Retirement Age of 66 and 2 months for the 1955 birth cohort ensures receipt of 100% of their calculated Primary Insurance Amount. This provides the full benefit that has been accrued through their years of work.

Delaying the start of benefits beyond Full Retirement Age, up to age 70, can lead to increased monthly payments through “delayed retirement credits.” For each year benefits are delayed past FRA, up to age 70, the monthly benefit increases by 8% for those born in 1943 or later. These credits cease accruing at age 70, making it the maximum age to gain additional benefit increases.

Working While Receiving Benefits

Individuals can work while receiving Social Security retirement benefits, though specific earnings limits apply if they are below their Full Retirement Age. These limits are set annually by the Social Security Administration and can affect the amount of benefits received.

For individuals who claim benefits before reaching their Full Retirement Age, an annual earnings limit is in place. In 2025, if an individual is under FRA for the entire year, $1 in benefits is deducted for every $2 earned above $23,400. Exceeding this limit will result in a temporary reduction in monthly payments.

A different earnings limit applies in the calendar year an individual reaches their Full Retirement Age. In 2025, this limit is $62,160, and $1 in benefits is deducted for every $3 earned above this amount. Only earnings accumulated in the months before reaching FRA are counted toward this limit. Once an individual reaches their Full Retirement Age (66 and 2 months for those born in 1955), there are no longer any earnings limits, and they can earn any amount without their Social Security benefits being reduced. Benefits that were withheld due to exceeding the earnings limit are not permanently lost; instead, the Social Security Administration recalculates the benefit amount at FRA to account for the previously withheld payments, potentially leading to a higher monthly benefit going forward.