There is often a lot of confusion between Social Security Retirement benefits and Medicare, which are two separate benefits. The Retirement Benefit is the income you receive, whereas Medicare is health insurance. You may elect or be eligible for one benefit without having the other.
Social Security Retirement Benefits
There are some factors to consider when deciding the best time to begin collecting your Retirement Benefit:
- Your current cash needs
- Your health and family longevity
- Whether you plan on continuing to work
- Other retirement income
- Your age
Your Age will play a factor in the amount of your benefit. The following is an example if your full retirement age is 66 and the full benefit amount is $1,000.
Social Security Normal Retirement Age
Age to Receive Full social Security Benefits
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
|
If you were born on January 1st, you should refer to the previous year. (if you were born on the 1st of the month, SS figures your benefit (and your full retirement age) as if your birthday was in the previous month.)
