One of the most crucial choices an employee will ever make in their career is when to retire. Making the correct option at this point is crucial since it will affect the Social Security benefit they receive until they pass away, making it an important decision.
Each year, employees reach full retirement age and must choose between working for a few more years or taking some time to consider their alternatives, career, and life.
This article might not apply to persons who are currently getting benefits because some people may have finished this process years ago and will be retired by the time they reach full retirement age.
To find out if 2025 will be the year you receive your first benefit check, continue reading if you are still employed.
Collecting Social Security in 2025 at full retirement age
There are other ages at which an employee can start receiving retirement benefits, even though we covered full retirement age in the introduction. Those born in 1963 can begin receiving benefits this year as workers can begin as early as age 62.
However, there is a serious drawback to making this early claim: compensation would be permanently lowered by 30% compared to their full retirement age.
The Social Security Administration states that a worker who retires in 2024 at full retirement age will receive a maximum payment of $3,822. However, the maximum benefit is $2,710 if you retire in 2024 at age 62.
Although there are many reasons why an employee might like to increase their retirement age and begin receiving benefits sooner rather than later, if you are not one of those individuals, understanding when to make a claim will be helpful. The difference is very obvious.
Since there is no one age at which a worker will suddenly be eligible for 100% of their primary insurance amount (PIA) or the full retirement benefit, the term “full retirement age” is somewhat deceptive these days.
This is due to the fact that since 1984, when the Social Security program initially faltered, the full retirement age has been gradually increasing.
One of the steps they suggested to stop future crises was raising full retirement, but it hasn’t been fully implemented yet because the increase was slow.
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. Those who wish to determine the precise date at which they will achieve full retirement age might use the table below.
|
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 |
In order to ensure that the Social Security Administration has enough time to process your benefits and that you have reached your full retirement age without losing benefits, it is advisable that you try to claim your benefits as close to your full retirement age as possible. You must remember that you must do so no earlier than four months prior to the date on which your benefits are scheduled to begin.
See Also: Trump’s boost to Social Security benefits: What Could Change in 2025?
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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.