The retirement age in the United States has changed, and it’s important to understand the changes. For example, those who believe they’ll be able to retire at 67 aren’t entirely convinced. Those born in 1959 will be able to retire at 66 years and 10 months. This is a consequence of the adjustment of the Social Security system (SSA) to current demographics—that is, to where more citizens reside and remain actively employed for longer periods of time.
Born in 1958 and 1959: The full retirement age until last year was 66 years and eight months
Until now, those who have reached the age of 62 could retire early but with a lower pension. As in other countries, the longer a person waits, the better their retirement will be. The full retirement age until last year was 66 years and eight months, corresponding to those born in 1958 and the first two months of 1959. Those born in 1960 or later must wait until age 67 to receive 100% of their monthly Social Security benefit. As we said, they can retire earlier but with a lower pension.
Only when you get the legal age, you will they be able to claim 100% of their monthly benefits
The small change seen now affects those born in 1959. According to the Social Security Administration (SSA), those born in that year will be able to access their full retirement age at 66 years and 10 months, as previously stated. The change in the retirement age was part of a reform approved by Congress in 1983, intended to ensure the system would work. As life expectancy has increased, so has the need to extend the age at which people could access full retirement. This means that only then will they be able to claim 100% of their monthly benefits.
Keep in mind that unregistered jobs or jobs that don’t contribute to the system don’t count toward credits
It’s also important to understand that not everyone who lives or works in the country is automatically entitled to retirement income, even if they are of legal age. To be eligible for retirement, certain requirements must be met. First, you must have a valid Social Security number (SSN); you must have worked and paid Social Security taxes for at least 10 years, which means you must have accumulated 40 work credits. Finally, keep in mind that unregistered jobs or jobs that don’t contribute to the system don’t count toward credits. Even declared income must be subject to Social Security taxes to be considered valid. In other words, it’s important to consider all the variables.
If you retire at 62, you’ll receive 70.8% of your total benefit
Let’s talk in percentages, to be clearer. The fact that the retirement age has changed doesn’t mean anyone can retire early. So, with this in mind, the minimum retirement age is 62, as we explained earlier. If you retire at this age, you’ll receive 70.8% of your total benefit. It’s literally like exchanging time for money. This reduction is already in place for the rest of your life; it doesn’t mean that this amount will change when you reach 67.
In short, if you were born in 1959, the full retirement age is 66 years and 10 months, not 67. This is very important when making important financial decisions for 2025. By knowing all the details about the retirement age, you can prepare a financial plan to avoid confusion that could affect your wallet.
The Social Security Administration (SSA) offers online tools to check employment history, verify accumulated credits, and estimate monthly benefits based on the retirement age chosen. This way, citizens can determine the best retirement age for them. In any case, all information can always be found at official government offices.
