Are you thinking of starting Social Security retirement at age 62, or at any time when younger than your full retirement age (FRA)? Did you know that this option was not always available?
Early retirement was not part of the original 1935 Social Security Act. At that time, SSA retirement could not start before age 65. No option for reduced retirement benefits existed.
The ability to start Social Security reduced retirement at age 62 came in later years and at different times for women and men. Signed by President Eisenhower in August 1956, the Social Security Amendments of 1956 provided women the option of starting reduced retirement at age 62. The Social Security Amendments of 1961, signed by President Kennedy on June 30, 1961, extended the option of starting early retirement at age 62 to men.
Whether you are considering retirement at age 62 or later, go to the SSA Retirement Planner website to estimate your Social Security retirement amount.
August 14 is the 80th anniversary of the signing of the historic Social Security Act in 1935 by President Franklin D. Roosevelt. To help commemorate this date and engage the public in this milestone, the Social Security Administration has launched a commemorative 80th anniversary website at www.socialsecurity.gov/80thanniversary/.