What Is the Retirement Age for Someone Born in 1958?
Understand your Social Security retirement age if born in 1958. Learn how claiming decisions shape your future benefits.
Understanding Social Security’s retirement age and how claiming timing affects benefits is crucial for financial planning. This knowledge helps individuals make informed decisions about transitioning into retirement and securing their financial future.
Understanding Full Retirement Age
Full Retirement Age (FRA) is the age when you become eligible to receive 100% of your Primary Insurance Amount (PIA) from the Social Security Administration (SSA). Your PIA is the monthly benefit calculated from your 35 highest-earning years. Historically, FRA was 65, but 1983 amendments gradually increased it. Therefore, FRA now varies depending on your birth year.
Retirement Age for Individuals Born in 1958
For those born in 1958, the Full Retirement Age is 66 years and 8 months. This is the age you can begin collecting Social Security retirement benefits without any reduction. This age is part of a gradual increase in FRA for individuals born after 1937, eventually reaching 67 for those born in 1960 or later.
Claiming Benefits Early
You can claim Social Security benefits as early as age 62. However, claiming before your Full Retirement Age results in a permanent reduction in your monthly payment. The reduction is calculated based on how many months early you claim. For example, claiming at age 62 with an FRA of 66 years and 8 months can significantly reduce your benefit. This reduction is approximately 5/9 of 1% per month for up to 36 months early, and an additional 5/12 of 1% per month beyond that, potentially totaling up to 30%.
Claiming Benefits Later
Delaying Social Security benefits beyond your Full Retirement Age can result in a larger monthly payment. You can delay claiming up to age 70, and your benefits will increase due to “delayed retirement credits.” These credits apply for each month you postpone benefits past your FRA, until age 70. For those born in 1943 or later, benefits increase by 8% for each year delayed. This strategy can lead to a higher monthly income throughout retirement.
Accessing Your Social Security Information
To understand your personal Social Security benefits, create a “my Social Security” account on the official Social Security Administration (SSA) website. This account allows you to review your earnings record, which forms the basis for your future benefits. You can also access personalized estimates of your benefits at different claiming ages, including your Full Retirement Age. The SSA website provides guidance on setting up this account, often requiring verification through credential service providers.