If you were born in 1957, you might have considered 2022 to be your retirement year. You did, after all, turn 65 in 2022, and retirement has traditionally been associated with 65.
However, the age of full retirement—that is, the age at which one can start receiving all Social Security benefits—has risen over time and is now higher than 65 for a large number of Americans.
Your full Social Security retirement age is 66 years and six months if you were born in 1957. That implies that your actual goal year for retirement is 2023. Additionally, if you were born in the latter part of 1957, 2024 may be the year that you reach full retirement age.
Full Retirement Age for Individuals Born in 1957
Individuals born in 1957 have a full retirement age of 66 years and 6 months. This means that they can begin receiving full Social Security retirement benefits at this age. However, they have the option to start receiving benefits as early as age 62, with a reduced benefit amount, or delay retirement and receive increased benefits.
Benefits of Delaying Retirement
Delaying retirement beyond the full retirement age can significantly increase your Social Security benefits. For individuals born in 1957, delaying benefits by one year results in an 8% increase in monthly payments. This increase continues until age 70, when the maximum benefit amount is reached.
Chart of Benefits Based on Retirement Age
| Retirement Age | Percentage of Full Benefits |
|---|---|
| 62 | 72.5% |
| 63 | 77.5% |
| 64 | 83.3% |
| 65 | 90% |
| 66 | 96.7% |
| 66 and 6 months | 100% |
| 67 | 104% |
| 68 | 112% |
| 69 | 120% |
| 70 | 128% |
Additional Considerations
- Earnings Limit Before Full Retirement Age: Individuals who continue working before reaching full retirement age may have their Social Security benefits reduced if their earnings exceed a certain limit. In 2023, this limit is $21,240 per year.
- Medicare Eligibility: Medicare eligibility is not tied to full retirement age. Individuals become eligible for Medicare at age 65, regardless of their retirement status. However, those who are not yet receiving Social Security benefits will need to manually enroll in Medicare.
- Special Enrollment Period: Individuals who lose their employer-sponsored health insurance upon retirement may qualify for a Special Enrollment Period to enroll in private Medicare plans.
Understanding your full retirement age and the impact of delaying retirement on your Social Security benefits is crucial for planning a secure financial future. By carefully considering your options and making informed decisions, you can maximize your retirement income and ensure a comfortable lifestyle.
Additional Resources:
- Social Security Administration Retirement Planner: https://www.ssa.gov/benefits/retirement/planner/1957-delay.html
- HelpAdvisor Article on Full Retirement Age for Individuals Born in 1957: https://www.helpadvisor.com/retirement/full-retirement-age-born-in-1957
- Medicare Enrollment Guide: https://www.medicare.gov/sign-up-change-plans/how-do-i-get-parts-a-and-b
Keywords: full retirement age, Social Security, retirement benefits, delayed retirement, Medicare, retirement planning, financial security
How Much Social Security Will I Get at Age 66?
If you were born in 1957, the chart below illustrates the percentage of Social Security retirement income you will receive based on your age when you start receiving benefits.
As of March 2023, the average Social Security retirement check for a retired worker was $1,830 per month.
| Age of Retirement Collection | Percentage of Social Security Retirement Benefits |
|---|---|
| 62 | 72.5% |
| 63 | 77.5% |
| 64 | 83.3% |
| 65 | 90% |
| 66 | 96.7% |
| 66 years and 6 months | 100% |
| 67 | 104% |
| 68 | 112% |
| 69 | 120% |
| 70 | 128% |
For a more complete breakdown of the percentage of Social Security retirement benefits you will collect at any given age, including how your collection age affects the benefits received by your spouse, visit the Social Security Administration’s retirement planner page for people born in 1957.
To locate a plan that meets your needs, speak with a licensed agent right now.
For those who were born in 1957, there are four key points to remember.
- If you choose to retire before reaching the age of 66 years and six months, you are still qualified to receive reduced Social Security retirement benefits. At age 62, you became eligible for reduced benefits; if you choose to begin collecting benefits before reaching full retirement age, you will receive a partial check from Social Security (refer to the chart above).
- You can increase your income even further by continuing to wait, even though you will be waiting until you are 2666 years and six months old to receive your benefits from social security. Postponing your benefits until after you reach retirement age will increase them by 8% annually until they are fully paid off at age 70. Waiting until you are older will not give you the benefits of social security and retirement.
- If you are not yet at full retirement age, you may continue to work and receive Social Security benefits. You can earn up to $21,240 annually in 2023 without it having an impact on your Social Security retirement benefits. If you make more than that, your Social Security benefit will be smaller. There is no cap on the amount of money you can earn after reaching full retirement age and still be eligible to receive Social Security benefits.
- The age at which you qualify for Medicare is not linked to your full Social Security retirement age. You can still receive full Medicare benefits at age 65, even though you have to wait until you’re 66 years and six months old to be eligible for full Social Security retirement benefits. For further details on how Medicare enrollment is impacted by your retirement age, see the section below.
How Does Social Security and Retirement Affect Medicare Eligibility Age?
The age at which you become eligible for Medicare remains constant. At age 65, you will be eligible for Medicare unless you have a qualifying disability (as long as you meet the additional eligibility requirements).
However, the following factors may have an impact on your Medicare eligibility and enrollment: your age, your retirement from the workforce, and your Social Security status.
- When you turn 65 and start receiving Social Security benefits, Medicare will be enrolled for you automatically. However, you will need to enlist in Medicare on your own if you haven’t started receiving Social Security benefits by then.
- Medicare eligibility requires that you be eligible for Social Security benefits. Enrolling in Medicare does not require you to be receiving your Social Security checks; you only need to be qualified to receive them.
- You will be qualified for a Special Enrollment Period when you can sign up for private Medicare plans if you retire from your job and lose your employer-sponsored health insurance plan.
- You have until the age of 65 and three months to enroll in Medicare after you turn 65. If you don’t, you might be charged a late enrollment fee when you finally register (unless you qualify for a Special Enrollment Period). For Medicare Supplement Insurance, or Medigap, there is an extra enrollment period.
For more information on how your age, Social Security income, and health insurance status affect your Medicare benefits, see our guide to Medicare eligibility and enrollment.
Christian Worstell works for HelpAdivsor as a senior health insurance and Medicare writer. com. He is also a licensed health insurance agent. Christian is well-known in the insurance sector for his thousands of informative articles that have improved Americans’ understanding of Medicare and health insurance.
Christian’s Medicare expertise has been featured in a number of prestigious trade and news publications, such as Forbes, MarketWatch, WebMD, and Yahoo! Finance.
Christian has authored hundreds of articles at HelpAdvisor that instruct Medicare beneficiaries on the best ways to use the program. Every month, thousands of senior citizens in America read his articles. Readers may hopefully learn how to reduce their out-of-pocket Medicare spending and obtain high-quality medical care by having a better understanding of their health care coverage.
Christian’s drive to improve the senior community is the source of his passion for his work. He is adamant that beneficiaries’ general health and wellness improve when they are more aware of their Medicare coverage.
Christian, a native of Raleigh, earned a bachelor’s degree in journalism from Shippensburg University. You can find Christian’s most recent articles in our blog.
For media seeking to get in touch with Christian, don’t hesitate to send an email to Mike@MyHelpAdvisor, our public relations team. com.
What is my retirement age born in 1957?
FAQ
At what age can you earn unlimited income on Social Security born in 1957?
Can you collect Social Security at 66 and still work full time?
At what age do you get 100 of your Social Security benefits?
At what age is Social Security no longer taxed?
What is my social security benefit if I was born in 1957?
* If your birthday is on the 1 st of the month, we figure your benefit as if your birthday were in the previous month. If you were born in 1957 your full retirement age is 66 and 6 months. Find out how your Social Security benefits will be affected based on when you begin receiving benefits.
When would you retire if you were born in 1957?
If you were born in 1957, you may have had the year 2022 on your radar as the year you would retire. After all, you turned 65 in 2022, and 65 has long been associated with retirement.
What is your retirement age if you were born in 1960?
For everyone born in 1960 or later, it will be standardized at age 67: While understanding your full retirement age is a key part of the puzzle, it’s different from when you may start claiming Social Security benefits. That’s your early retirement age, which is 62 regardless of what year you were born.
When does Social Security retire?
The law raised the full retirement age beginning with people born in 1938 or later. The retirement age gradually increases by a few months for every birth year, until it reaches 67 for people born in 1960 and later. The earliest a person can start receiving Social Security retirement benefits will remain at age 62.