Your Social Security Retirement Age Options
For anyone born in 1964, the Social Security Administration (SSA) has set your official Full Retirement Age (FRA) at 67 [1]. This is the age at which you are entitled to 100% of your primary insurance amount (PIA), the benefit calculated from your highest 35 years of indexed earnings [1]. However, you have options for when to start receiving benefits: as early as age 62, at your FRA of 67, or by delaying until age 70 [1].
The Earliest Option: Claiming at Age 62
The earliest you can begin collecting Social Security retirement benefits is age 62 [1]. Choosing this option means your monthly payment will be permanently reduced. For those born in 1964, starting at age 62 results in a 30% reduction in your benefit compared to your FRA amount [1]. This reduction is calculated on a monthly basis, affecting the amount you receive for the rest of your life [1]. Claiming early might be considered by those with health issues or an immediate need for income [1].
The Middle Ground: Claiming at Your Full Retirement Age (67)
As someone born in 1964, reaching age 67 makes you eligible for your full, unreduced retirement benefit [1]. This amount is determined by your earnings record [1]. Starting benefits at this age avoids the permanent reductions associated with claiming early [1]. This is a common choice for retirees who want a steady income stream without penalty [1].
The Maximum Benefit: Delaying Until Age 70
Delaying your Social Security benefits past your Full Retirement Age can significantly increase your monthly payments [1]. For each year you wait beyond age 67, up until age 70, you earn delayed retirement credits [1]. These credits increase your monthly benefit by two-thirds of one percent for every month of delay, adding up to an 8% increase for each full year [1]. By waiting until age 70, you can increase your monthly benefit by 24% over your FRA amount [1]. This higher amount is also adjusted for cost of living [1]. Delaying is often ideal for those with other retirement funds who want the highest possible monthly payment later in life [1].
Comparison of Claiming Ages for a Person Born in 1964
To better understand the financial trade-offs, the following table compares the benefit percentage received at different claiming ages for a person born in 1964 [1].
| Claiming Age | Benefit Percentage (vs. FRA) | Key Implication |
|---|---|---|
| 62 | 70% | Significant and permanent reduction in monthly payments. |
| 67 (Full Retirement Age) | 100% | Receive your full, unreduced benefit amount. |
| 70 (Maximum Age) | 124% | Maximum monthly benefit due to delayed retirement credits. |
Factors to Consider When Making Your Decision
Your claiming age decision depends on several personal factors:
- Health and Life Expectancy: Your health status and family history can influence whether claiming early or delaying benefits is more advantageous based on anticipated lifespan [1].
- Financial Needs: Assess your retirement savings, other income, and expenses to determine if you need immediate income or can afford to delay for higher future payments [1].
- Employment Status: If you work while collecting benefits before your FRA, your earnings might temporarily reduce your Social Security payments [1]. Earnings do not impact benefits once you reach your FRA [1].
- Spousal Benefits: If married, your claiming choice can affect your spouse's potential benefits. Coordinating with your spouse can help optimize your total household benefits [1].
How to Apply for Social Security
Applying for Social Security benefits can be done online, by phone, or in person at an SSA office [1]. It is advisable to begin the process a few months before you plan to retire [1]. You will need personal information and documents like your birth certificate and Social Security number [1]. You can create a 'my Social Security' account on the official website to get a personalized benefit estimate and manage your application [1]. Use the official Social Security Administration website for accurate and secure information: Social Security Administration [1].
Conclusion: Making the Right Choice for You
Deciding how old you have to be to collect social security if born in 1964 requires evaluating your financial situation, health, and goals [1]. Your FRA is 67, but you can choose to claim between ages 62 and 70, with each option impacting your monthly benefit amount [1]. Understanding these options and considering your personal circumstances is key to making an informed decision for your financial future in retirement [1].
