Your Social Security full retirement age is 66 years and 8 months if you were born in 1958.
People born in 1958 can start reduced Social Security benefits when they reach age 62 in 2020. Their window for full retirement benefits begins in 2024, and they will get the maximum benefit if they wait until 2028 to claim.
» Get started: Social Security, explained
Here’s what people born in 1958 must know about Social Security:
- An early start can mean significantly less money. Starting at 62 permanently reduces checks by 28.3% for people born in 1958, compared with waiting until full retirement age. Working can reduce checks further, since Social Security withholds $1 for every $2 earned over the earnings limit (which in 2019 is $17,640).
- Starting at 66 years and 8 months means getting 100% of your retirement benefit, and the earnings test no longer applies.
- Waiting until 70 to start will produce the largest check. After full retirement age, benefits go up by 8% annually, or two-thirds of 1% each month, until maxing out at 70.
Social Security for those born in 1958
| Starting age | % of full benefit | Monthly benefit* | Annual benefit * |
|---|---|---|---|
| 62 | 71.7% | $1,434 | $17,208 |
| 65 | 88.9% | $1,778 | $21,336 |
| 66 & 8 mos. | 100% | $2,000 | $24,000 |
| 70 | 126.7% | $2,534 | $30,408 |
| * Based on $2,000 monthly benefit | |||
It’s usually best to delay
Waiting at least until full retirement age to apply is often the best choice, researchers say. Most people live past the “break even” age where their larger benefit more than makes up for the smaller checks they bypass. (People who reach age 65 can expect to live 19 more years if they’re male and 21.5 more years if they’re female.)
The higher earner in a married couple should delay as long as possible. (The higher earner’s benefit determines how much the survivor will receive after the first spouse dies.)
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Many people apply as soon as they quit working, but you don’t have to do both things at once. You can retire from your job and delay your claim or keep working after you start your Social Security benefit. Often financial advisors suggest using retirement accounts to tide you over if that will allow you to put off claiming. You can enroll in Medicare at 65 regardless of whether you’ve started Social Security, although if you have started your enrollment will be automatic.
How much more will you need to retire?
Answering the “When can I retire?” question means determining how much other income you will have in addition to Social Security, and whether that’s enough to cover your expected expenses.
Social Security benefits typically replace an average 40% of people’s late-career earnings, although your replacement ratio could be less if you earned a lot. In any case, you’ll likely need to tap pensions, retirement accounts and other savings to supplement your Social Security if you want a comfortable retirement.
Our retirement calculator can help you determine how much you’ll need to retire.
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