How Many Retirees Collect Social Security Before Full Retirement Age?
To begin, what exactly is the “full retirement age”? The full retirement age is the age at which a person may first become entitled to full (non-reduced) retirement benefits of Social Security. If you were born in 1937 or earlier, your full retirement age is 65. (see the full retirement age diagram below).
A recent survey by BMO Retirement Institute revealed that just shy of 50% of boomers are currently collecting or planning to collect their Social Security benefits before their full retirement age. This is just more proof that boomers are far from being prepared to face retirement. Social Security should almost be treated like a safety net, not something that you have to tap into early. Stay tuned for more and make sure to check out the chart below.
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