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In the United States, Social Security is the commonly used term for the federal Old-Age, Survivors, and Disability Insurance ( OASDI) program and is administered by the Social Security Administration (SSA). [ 1] The Social Security Act was passed in 1935, [ 2] and the existing version of the Act, as amended, [ 3] encompasses several social ...
Year of birth. Full retirement age. 1937 and before. 65. 1938-1942. 65 + 2 months for each year past 1937. 1943-1954. 66. 1955-1959. 66 + 2 months for each year past 1954
The Social Security Act was enacted August 14, 1935 (88 years ago). The Act was drafted during President Franklin D. Roosevelt's first term by the President's Committee on Economic Security, under Frances Perkins, and passed by Congress as part of the New Deal.
5/9 of 1% per month (6.67% per year) From 63 to 66. From 64 to 67. 2/3 of 1% per month (8% per year) From 66 to 70. From 67 to 70. Data source: Social Security Administration. Because of this ...
Year of Birth. Full Retirement Age. Months Between 62 and Full Retirement Age. 1943-1954. 66. 48. 1955. 66 and 2 months. 50. 1956. 66 and 4 months. 52. 1957. 66 and 6 months
The actual amount of benefits provided to the recipient depends on the age at which they claim their social security benefits, relative to their full retirement age. Full retirement age (FRA) is a function of year of birth and is defined by the Social Security Administration as follows: