Your full retirement age is defined as the age at which you can begin collecting the full amount of your Social Security retirement benefits. If you were born in 1958, your full retirement age is 66 years and eight months.
That means workers born in 1958 will have to wait until at least 2024 or 2025 to begin collecting Social Security if they wish to receive the full amount of their retirement benefits.
Those born in 1958 may claim Social Security before reaching their full retirement age but will not be able to collect the full amount of their benefits. Conversely, people born in 1958 may delay their collection of Social Security and thereby increase the amount they will receive once they finally do begin collecting.
Benefits increase 8% per year after your full retirement age with a final cap of 128% at age 70.
The average monthly retirement benefit check for a retired worker as of February 2023 is $1,830 per month.
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The chart below shows how much your Social Security benefits will be reduced – or increased – by claiming retirement benefits before or after your full retirement age of 66 years and eight months.
The Social Security Administration’s retirement planner for people born in 1958 provides a more thorough breakdown. The average monthly retirement benefit check for a retired worker as of February 2023 is $1,830 per month.
|Age of Retirement Collection||Percentage of Social Security Retirement Benefits|
|64 and six months||85.6%|
|65 and six months||92.2%|
|66 and six months||100%|
If you choose to begin collecting Social Security before reaching your full retirement age, there is a limit as to how much working income you can earn before your Social Security check begins to decrease.
In 2023, you may earn up to $21,240 before your benefits will be further reduced. If you wait to reach full retirement age before you retire, there is no limit to how much you may earn after you begin taking retirement benefits.
Your full retirement age is the age at which you can receive full retirement benefits from Social Security. However, it is not necessarily the age at which you qualify for Medicare.
Regardless of which year you were born, you will become eligible for Medicare at age 65 (unless you’re eligible earlier because you have a qualifying disability).
If you begin collecting Social Security retirement benefits prior to turning 65 years old, you will be automatically enrolled in Medicare around your 65th birthday. If you are not yet collecting Social Security by that age, you will have to sign up for Medicare.
Depending on your circumstances, you may qualify for a Special Enrollment Period that will allow you to sign up for Medicare outside of the normal enrollment periods and protect you from late enrollment fees. Losing employer-based health insurance coverage because you retired from your job is one of the life events that can qualify you for a Special Enrollment Period.
Our Medicare eligibility and enrollment guide provides more detailed information about when to enroll in Medicare, what you need to become eligible and more.
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Christian Worstell is a senior Medicare and health insurance writer with MedicareAdvantage.com. He is also a licensed health insurance agent. Christian is well-known in the insurance industry for the thousands of educational articles he’s written, helping Americans better understand their health insurance and Medicare coverage.
Christian’s work as a Medicare expert has appeared in several top-tier and trade news outlets including Forbes, MarketWatch, WebMD and Yahoo! Finance.
Christian has written hundreds of articles for MedicareAvantage.com that teach Medicare beneficiaries the best practices for navigating Medicare. His articles are read by thousands of older Americans each month. By better understanding their health care coverage, readers may hopefully learn how to limit their out-of-pocket Medicare spending and access quality medical care.
Christian’s passion for his role stems from his desire to make a difference in the senior community. He strongly believes that the more beneficiaries know about their Medicare coverage, the better their overall health and wellness is as a result.
A current resident of Raleigh, Christian is a graduate of Shippensburg University with a bachelor’s degree in journalism.
If you’re a member of the media looking to connect with Christian, please don’t hesitate to email our public relations team at Mike@tzhealthmedia.com.
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