Even if you’re not retiring in 2019, it still helps to read up on Social Security and learn what to expect from the program. Here are a few key tips that will help you make the most of your benefits.
1. Know your full retirement age
Your Social Security benefits are calculated based on your earnings during your 35 highest-paid years on the job. You’re then eligible to receive those benefits in full once you reach full retirement age. That age isn’t the same for everyone; it varies based on your year of birth, as follows:
| Year of Birth | Full Retirement Age |
|---|---|
| 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 | 67 |
DATA SOURCE: SOCIAL SECURITY ADMINISTRATION.
Though you’re allowed to claim Social Security as early as age 62 and as late as age 70, keeping the above age in mind is important to your filing decision.
Learn More About: 5 Social Security Tips for 2019 — and Beyond