What Is Your Full Retirement Age if You Were Born in 1959?

Social Security benefits are a foundational component of retirement planning. The “Full Retirement Age” (FRA) is a central concept. This is the specific age at which an individual becomes eligible to receive their full, unreduced Social Security retirement benefits. Understanding your FRA is important for making informed decisions about when to claim benefits and how those decisions will impact your financial future.

Your Full Retirement Age if Born in 1959

For individuals born in 1959, the Full Retirement Age is 66 and 10 months. This age represents the point at which you can begin receiving 100% of your primary insurance amount (PIA), which is your benefit calculated based on your earnings record. The Social Security Administration (SSA) established a schedule for Full Retirement Age based on the year of birth, a change enacted by the Social Security Amendments of 1983. These amendments gradually increased the FRA from 65 to 67 over several decades.

For instance, individuals born in 1943 through 1954 have an FRA of 66. For those born between 1955 and 1959, the FRA incrementally increases by two months for each subsequent birth year. This continues until individuals born in 1960 or later reach an FRA of 67.

How Claiming Age Affects Social Security Benefits

The age at which you choose to begin receiving Social Security benefits impacts the monthly amount you receive. While your Full Retirement Age is 66 and 10 months if you were born in 1959, you have the option to claim benefits as early as age 62 or delay them until age 70. Claiming benefits before your FRA results in a permanent reduction to your monthly payment. For someone with an FRA of 66 and 10 months, claiming at age 62 could result in a permanent reduction of approximately 29.17% of your full benefit amount.

Conversely, delaying benefits beyond your Full Retirement Age can increase your monthly payment through delayed retirement credits. These credits accrue for each month you postpone claiming benefits past your FRA, up to age 70. For those born in 1959, delaying benefits beyond 66 and 10 months yields an annual increase of 8% in your benefit amount. This means that if you wait until age 70, your monthly benefit could be significantly higher than your full retirement age benefit.

Other Factors Influencing Your Benefit Amount

Beyond your Full Retirement Age and claiming decision, several other factors contribute to the calculation of your Social Security benefit amount. Your lifetime earnings history is a primary determinant, as the Social Security Administration calculates your benefit based on your highest 35 years of indexed earnings. Earnings from fewer than 35 years will result in zero-earning years being factored into the calculation, reducing your overall benefit. The Social Security Administration indexes your past earnings to account for changes in average wages over time, ensuring that your earlier earnings are valued appropriately in current dollar terms.

Cost-of-Living Adjustments (COLAs) can also influence your benefit amount after you begin receiving payments. These adjustments are applied annually to help benefits keep pace with inflation, maintaining your purchasing power over time. Furthermore, your benefit amount can be affected by other types of Social Security benefits, such as spousal or survivor benefits. These provisions allow eligible spouses or surviving family members to receive benefits based on a worker’s earnings record.