Many people rely on Social Security when they retire. It gives monthly payments to help cover living expenses. If you were born between certain dates, you could soon qualify to collect up to $5,018 each month in Social Security benefits. Here’s what you need to know in simple words.
What is Full Retirement Age (FRA)?
Full Retirement Age, often called FRA, is the age when you can get your full Social Security payments without any deductions. For most people, FRA is between 66 and 67 years old. If you wait until your FRA to claim Social Security, you can get the maximum benefit you’re entitled to.
Who is Reaching Full Retirement Age Now?
If you were born between July 2, 1958, and July 1, 1959, you will reach your FRA this year. That means you could soon start collecting your full Social Security benefits.
How Much Can You Get?
The highest monthly Social Security payment for someone retiring at FRA in 2024 is $3,822. But if you wait until age 70 to claim, your benefit can grow to a maximum of $5,018 per month.
Most people don’t get the maximum because the amount depends on your earnings history and how long you worked.
| Detail | Information |
|---|---|
| Who is Eligible? | People born between July 2, 1958, and July 1, 1959 |
| What is Full Retirement Age (FRA)? | Around 66 years and 8 months for people born in this range |
| Earliest Age to Claim Benefits | 62 years old, but with reduced payments |
| Age for Full Benefits | FRA: 66 years and 8 months |
| Maximum Monthly Payment at FRA | $3,822 per month in 2024 |
| Maximum Monthly Payment at Age 70 | Up to $5,018 per month |
| How to Check Your Benefit Estimate | Sign up at www.ssa.gov to view your Social Security record |
| Should You Delay Claiming? | Delaying until age 70 increases your monthly payments |
Should You Wait to Claim Benefits?
If you need the money now, you can claim Social Security as early as age 62, but your monthly check will be smaller. Waiting until your FRA, or even until age 70, means bigger checks every month for the rest of your life.
For example:
- Claim at 62: Smaller monthly payments
- Claim at FRA (66-67): Full payments
- Claim at 70: Maximum payments
Waiting longer is smart if you can afford it because Social Security gives you more money each month the longer you wait, up to age 70.
How to Check Your Social Security Estimate
You can check how much you’ll get by creating an account at the Social Security Administration website. There, you can see your earnings history and get an estimate of your monthly payment at different ages.
If you were born between July 2, 1958, and July 1, 1959, you’re close to FRA. Think carefully about when to start collecting Social Security. Waiting longer means higher monthly payments, but it depends on your health, savings, and personal situation. It’s always a good idea to plan ahead, talk to a financial expert, and understand your options to make the best decision for your retirement years.
Who qualifies for full Social Security benefits now?
If you were born between July 2, 1958, and July 1, 1959, you are reaching Full Retirement Age (FRA) this year and can claim full benefits.
What is Full Retirement Age (FRA)?
FRA is the age when you can receive your full Social Security payments without penalties. For those born between July 1958 and July 1959, it’s 66 years and 8 months.
What is the maximum Social Security payment I can get?
The maximum monthly payment in 2024 is:
$3,822 per month at Full Retirement Age
Up to $5,018 per month if you wait until age 70
Can I claim Social Security before Full Retirement Age?
Yes, you can claim as early as age 62, but your monthly payments will be lower than if you wait until FRA or age 70.
How do I find out my estimated Social Security payment?
You can create a free account at www.ssa.gov and check your earnings history and estimated benefits.
