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What age should I retire at if I want to get the full amount of the Social Security benefit?

The full benefit amount of your Social Security checks heavily relies on your retirement age. What is the age requirement to retire and receive the complete benefit amount?

Estados UnidosUpdate:
¿A qué edad debe retirarse para conseguir el monto total del beneficio del Seguro Social?
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The Social Security Administration (SSA) issues millions of payments every month to recipients who are primarily retired workers receiving Social Security benefits.

The exact amount to be received depends on several factors, including years worked, the salary received during the time the worker was active, and, of course, the age at which the employee decides to retire.

On many occasions, retired workers receive less money than they would if waited until they reached their full retirement age (FRA). In other words, they apply for retirement before reaching the best age to do so, in terms of what they could receive in Social Security.

At what age must you retire to get the full amount of your Social Security benefit?

According to the SSA, the minimum retirement age is 62, which results in an average payment of $1,700. However, those who wait can receive more than $3,000 a month if they wait to apply until the reach the FRA, which currently depends on the year one was born.

To receive the full benefit amount for which you qualify, you must request retirement at age 67, which is full age for everyone born in 1960 or later. For those born before, age is between 66 and 67.

It is worth mentioning that whatever age you retire, year after year, the SSA makes an adjustment to your payments through the Cost-of-living adjustment in an attempt to ensure benefits do not lose their purchasing power. In 2023 and thanks to the latest COLA increase (8.7%), the average social security payments for retirees who applied for the benefit at age 67 is $3,627 per month.

Request payments after age 67

If you choose to continue working past full retirement age and claim until age 70, your payments could increase to the maximum benefit of $4,555 per month.


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