What Is Your Full Retirement Age If Born in 1958?

Understanding your Social Security retirement benefits is a foundational part of planning for your financial future. Knowing your Full Retirement Age (FRA) directly influences the amount of benefits you can receive. Social Security payments often form a substantial portion of income during retirement, making it important to understand how these benefits are calculated and when they are available. Planning effectively around your FRA can help ensure financial security.

Your Full Retirement Age if Born in 1958

For individuals born in 1958, your Full Retirement Age (FRA) for Social Security benefits is 66 years and 8 months. Reaching this age means you are eligible to receive 100% of your Primary Insurance Amount (PIA), which is the full benefit amount calculated based on your earnings record. Individuals born in 1958 will reach this age sometime in 2024 or 2025, depending on their birth month.

Understanding Full Retirement Age

Full Retirement Age (FRA) is the age at which you become eligible to receive your complete Social Security retirement benefits. This age is determined by your birth year. Historically, the full retirement age was 65, but amendments to the Social Security Act in 1983 gradually increased it to reflect changes in life expectancy.

The FRA now ranges between 66 and 67 years old, depending on your birth year. For example, those born between 1943 and 1954 have an FRA of 66, while those born in 1960 or later have an FRA of 67. Your Primary Insurance Amount (PIA) represents the monthly benefit you are entitled to at your FRA, calculated from your highest 35 years of earnings.

Impact of Claiming Age on Benefits

The age at which you choose to start receiving Social Security benefits significantly impacts the monthly amount you will receive. While your Full Retirement Age determines your unreduced benefit, you have options to claim earlier or later, each with financial consequences. The earliest you can begin collecting retirement benefits is age 62. However, claiming before your FRA results in a permanent reduction in your monthly benefit.

For every month you claim benefits before your FRA, your benefit is reduced. For instance, if you claim at age 62, your monthly benefit could be reduced by approximately 28.33% compared to your FRA benefit, potentially receiving only about 71.7% of your full amount. This reduction is permanent. For each of the first 36 months claimed early, benefits are reduced by five-ninths of 1% per month, and for any additional months beyond 36, the reduction is five-twelfths of 1% per month.

Conversely, delaying the start of your benefits past your FRA can increase your monthly payment. This increase occurs through Delayed Retirement Credits (DRCs) earned for each month you postpone claiming benefits beyond your FRA, up to age 70. For individuals born in 1943 or later, delaying benefits accrues an 8% annual increase to your monthly benefit amount. Delaying until age 70 could result in a monthly benefit that is 132% of your FRA amount.

Applying for Social Security Benefits

Once you have decided when to begin receiving your Social Security retirement benefits, you can apply through several methods. The Social Security Administration (SSA) offers online applications, by phone, or in person at a local Social Security office.

It is advisable to apply for benefits up to four months before you want your payments to start. This timeframe allows for processing and helps ensure your benefits begin when anticipated. You will need certain documents and information to complete your application. These commonly include your Social Security card or number, your original birth certificate, and proof of U.S. citizenship.

You will also need your W-2 forms or self-employment tax returns from the previous year. Providing your bank’s routing number and your account number is necessary for direct deposit of your benefits.