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The Question:

Do I start collecting Social Security when I turn 65?

The Answer:

You can receive Social Security benefits when you turn 62. This, however, is not the "full retirement age" and will reduce your payments by a certain percentage for the rest of your life. For those born in 1937 or earlier, your full retirement age is 65. For those born after 1960, your full retirement age is 67.

For everything in between, see the chart below.

Year of Birth Full Retirement Age
1937 or earlier 65
1938 65 and 2 months
1939 65 and 4 months
1940 65 and 6 months
1941 65 and 8 months
1942 65 and 10 months
1943–1954 66
1955 66 and 2 months
1956 66 and 4 months
1957 66 and 6 months
1958 66 and 8 months
1959 66 and 10 months
1960 and later 67

Read more about Social Security in our almanac or visit the Social Security Administration website.

—The Editors

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