Let’s stop talking about the 'Full Retirement Age'
An informal survey of the Center for Retirement Research staff regarding “What is the current retirement age for Social Security?” produced a range of responses.
Currently workers can claim their benefits at any time between 62 and 70, but benefits claimed before age 70 are actuarially reduced, based on an individual with average life expectancy. In other words, the claiming age affects monthly benefits but, on average, is intended not to alter total benefits paid over the lifetime.As the table shows, claiming at 62 instead of 70 cuts the monthly benefit almost in half, from $1,000 to $565.
Before the Delayed Retirement Credit became actuarially fair, the Full Retirement Age was a meaningful concept. It was the age at which lifetime benefits were the highest. Once the Delayed Retirement Credit became actuarially fair, the Full Retirement Age became largely meaningless. It does not describe the age when benefits are first available. That is age 62. It does not describe the age when monthly benefits are at their maximum. That is age 70.
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