Understanding the Retirement Age
Posted: January 08, 2025
What Is the Full Retirement Age and What Is Available When I Retire?
As you get older and look forward to the day when you can quit the daily grind, it’s important to consider the practical aspects of retirement. If you think it’s time to retire, your age can impact your retirement benefits, such as Social Security and when you can qualify for Medicare.
Here are some frequently asked questions about the full retirement age and how it may impact your retirement planning.
What Is the Full Retirement Age?
Full retirement age, also called FRA or normal retirement age, is the age you must reach to collect full, unreduced Social Security retirement benefits.
In 2024, the normal retirement age for anyone born in 1960 or later was 67. Check out the Social Security Administration’s (SSA) Retirement Age Calculator to learn your full retirement age.
How Much Will My Retirement Benefits Be?
Social Security benefits are based on how much you earned during your working career. If you choose to start receiving benefits at 65 and you worked steadily, you may have higher lifetime earnings than someone who did not work throughout their adult life or had years of low earnings.
Can I Receive Retirement Benefits Before I Reach FRA?
Once you reach the age of 62, you are eligible to collect Social Security benefits. However, doing this will permanently reduce your full retirement benefit amount compared to what you’d receive if you waited until your FRA at 67. This is a serious consideration for those planning to use Social Security as their entire retirement income.
What Happens If I Delay Retirement Beyond My FRA?
If you work beyond your FRA, you can increase your future Social Security benefits. Up to age 70, each additional year you work adds another year of earnings to your record, resulting in higher benefits.
How Has FRA Changed Since the Law Was Passed in 1935?
When the Social Security Act was signed into law in 1935, the full retirement age was 65. With people living longer and remaining healthier in older age, a law was passed in 1983 to gradually increase the full retirement age by a few months every birth year.
How Does FRA Impact Medicare Eligibility?
Medicare is available to those 65 or older, regardless of whether you’ve reached your full retirement age. You can begin the Medicare enrollment process three months before you turn 65. While you enroll for Original Medicare Parts A and B through the SSA, you can explore Medicare Advantage and Supplemental Plans with the help of Health for California.
Why Trust Us When Choosing Your Senior Health Insurance Plan?
At Health for California, we are passionate about serving older adults and helping them acquire full health coverage. However, getting on Medicare can be complicated, especially when choosing a Medicare Supplemental Plan to fill in coverage gaps.
Our team is well-versed in California Medicare and can provide you with a free Medicare consultation. Our goal is to make the process of finding and applying for the perfect plan quick and easy. We offer friendly support using simple, everyday language to ensure you understand your options. Explore our reviews from past customers to see why others trust us to navigate their health coverage.
Let us walk you through the different Medicare plans and answer any questions you have during the process. The best part — you don’t have to pay extra by enrolling with us.
Learn About Your Medicare Options With HFC
At Health for California, we specialize in Senior Health Insurance. We help retirees understand their Medicare benefits while answering all their questions. Call 1-800-352-4784 for live support. Or, click for a free Senior Health Insurance quote.