Retirement Planning Tips for New York State Employees
Tip of the Month (taken directly from the Self-Help Guide)
When calculating my Social Security benefit, what is my full retirement age?
Until the year 2000, the "full retirement age" was age 65. Because of longer life expectancies, the full retirement age has been increased in gradual steps until it reaches age 67. The increase affects people born in 1938 and later. Full retirement age for people born in 1938 is 65 years and 2 months. Full retirement age increases in steps until we reach full retirement age of 67 in 2027 and following, for people born in 1960 or later. This change affects workers and spouses born in 1938 and later, as follows:
|Birth Year||Full Retirement Age|
|1937 or earlier||65 years|
|1938||65 years and 2 months|
|1939||65 years and 4 months|
|1940||65 years and 6 months|
|1941||65 years and 8 months|
|1942||65 years and 10 months|
|1955||66 years and 2 months|
|1956||66 years and 4 months|
|1957||66 years and 6 months|
|1958||66 years and 8 months|
|1959||66 years and 10 months|
|1960 on||67 years|
Note: Persons born on January 1 of any year should refer to the full retirement age for the previous year.
For more information on your Social Security benefits go to: www.ssa.gov or call (800) 772-1213.