One of the most significant career decisions that every employee will have to make is when to retire. Making the appropriate decision for you at this milestone is crucial because it will influence the Social Security benefit they get until they pass away. When employees approach full retirement age each year, they evaluate their alternatives, career, and life and determine whether to retire or stay on the job for a few or more years.
This may not be the material you need if you are already receiving benefits because some people may have completed this process years ago and will be retired by the time they reach full retirement age. If you are still employed and would like additional information, continue reading to find out if 2025 will be your first year of receiving benefits.
Collecting Social Security in 2025 at full retirement age
Even though we discussed full retirement age in the introduction, there are other ages at which an employee may begin receiving retirement benefits. Those born in 1963 can start receiving benefits this year because the earliest age at which a worker can do so is 62. However, this early claim has a significant disadvantage in that benefits would be permanently lowered by 30% of what they would have been at full retirement age.
For example, the Social Security Administration states that the maximum payment for a worker who retires at full retirement age in 2024 would be $3,822. However, your maximum benefit would be $2,710 if you retired in 2024 at age 62. Even though there are a lot of reasons why a worker might wish to start receiving benefits earlier rather than later and increase their retirement age, if you are not one of those people, understanding when to make a claim will be helpful.
The phrase “full retirement age” is a little deceptive these days because there isn’t a single age at which a worker will suddenly qualify for full retirement benefits or 100% of their primary insurance amount (PIA).This is due to the fact that since 1984, when the Social Security program first failed, the full retirement age has been gradually rising.
One of the remedies they proposed to prevent future failures is raising full retirement, although it hasn’t been fully implemented yet because the increase was so gradual. The goal of the hike was to raise the full retirement age for people born in 1960 or later from the original 65 set in 1935 to 67 years old. The table below will be useful for people who wish to determine the precise date at which they will achieve full retirement age.
|
If you were born in: |
You reach full retirement age in: |
| May 1958 | January 2025 |
| June 1958 | February 2025 |
| July 1958 | March 2025 |
| August 1958 | April 2025 |
| September 1958 | May 2025 |
| October 1958 | June 2025 |
| November 1958 | July 2025 |
| December 1958 | August 2025 |
| September 2025 | |
| October 2025 | |
| January 1959 | November 2025 |
| February 1959 | December 2025 |
To be safe, keep in mind that you must apply for benefits no earlier than four months prior to the date on which they are supposed to begin. To be even safer, try to apply as close to your full retirement age as you can. This will allow the Social Security Administration enough time to process your claim, and you will have reached full retirement and won’t lose any benefits.
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Eliot Pierce is a dedicated writer for ChiefsFocus.com, covering local crime and finance news. With a keen eye for detail and a passion for storytelling, Eliot aims to provide his readers with clear and insightful analysis, helping them navigate the complexities of their financial lives while staying informed about important local events. His commitment to delivering accurate and engaging content makes him a valuable resource for the community.