When Can I Collect Full Social Security If I Was Born in 1958?
Understand when you can claim your full Social Security benefits if you were born in 1958. Maximize your retirement income.
Social Security benefits offer a financial foundation for millions of Americans in retirement. Understanding when and how to claim these benefits is essential for effective retirement planning. A significant factor influencing the amount of monthly benefits received is an individual’s Full Retirement Age (FRA).
Understanding Full Retirement Age
Full Retirement Age (FRA) is the specific age at which individuals become eligible to receive 100% of their primary Social Security benefit amount. This age is determined by the Social Security Administration (SSA) based on an individual’s birth year.
When an individual reaches their FRA, they qualify for the full monthly benefit calculated from their lifetime earnings. Claiming benefits at any other age, whether earlier or later, will result in an adjustment to this full amount.
Full Retirement Age for Those Born in 1958
For individuals born in 1958, their Full Retirement Age is 66 years and 8 months. To receive 100% of their earned Social Security benefits, individuals must wait until they reach this age. For instance, if someone born in February 1958 reaches their 66th birthday in February 2024, their Full Retirement Age would be in October 2024.
Reaching this age signifies the point at which no reduction is applied to the monthly benefit based on early claiming. Delaying benefits beyond this age can lead to increased payments. The exact month and year of reaching 66 years and 8 months will dictate when these full, unreduced benefits become available.
Claiming Benefits Before or After Your Full Retirement Age
The decision of when to claim Social Security benefits has a lasting impact on the monthly amount received. Claiming benefits before your Full Retirement Age (FRA) results in a permanent reduction of your monthly payment. Individuals can start receiving benefits as early as age 62, but doing so means their benefit amount will be less than the full amount. The reduction percentage increases the further away one is from their FRA. For example, claiming at age 62 for someone with an FRA of 66 and 8 months would result in approximately a 28.33% reduction to their monthly benefit.
Conversely, delaying the collection of benefits beyond your FRA can lead to a larger monthly payment. For each month benefits are delayed past FRA, up to age 70, individuals accrue “delayed retirement credits.” These credits can increase the monthly benefit by approximately 8% for each full year of delay. No additional credits are earned after age 70.
Applying for Social Security Benefits
Once an individual has determined their Full Retirement Age and decided on their preferred claiming strategy, the next step involves the application process. To apply for Social Security retirement benefits, certain information and documents are required:
- Your Social Security card
- An original birth certificate or a certified copy
- Proof of U.S. citizenship or lawful alien status if not born in the U.S.
- Recent W-2 forms or self-employment tax returns for the prior year
- Bank account and routing numbers for direct deposit of benefits
Applications can be submitted through several methods. The Social Security Administration (SSA) offers an online application portal via its website, ssa.gov. Individuals can also apply by phone or by scheduling an appointment to apply in person at a local Social Security office.