Social Security jargon can be difficult to understand. One thing many people struggle with is the difference between the full retirement age and the early retirement age.
Forbes explains the two as follows:
- The early retirement age is when an individual may start claiming benefits from Social Security. Currently, that age is 62 years old, no matter when an individual was born.
- In contrast, the full retirement age is the age an individual will receive their full primary insurance amount (PIA). For those born in the year 1960 or later, the full retirement age is 67.
An important thing to note is that anyone claiming benefits before their full retirement age will have a decreased benefit amount. This decreased amount will increase slightly as they age until they reach their full retirement age.
Senior Security Alliance is dedicated to helping senior citizens achieve a more financially secure future, and that starts with understanding Social Security jargon. For more, be sure to follow us on Facebook and Twitter.
