The full-age retirement chart
A comfortable, secure, and safe retirement is probably the dream of every working individual in the country. Today, with the generation living healthier, longer lives than ever before, it is safe to assume that we will live longer than our grandparents and parents and, consequently, have longer retirement periods as well. Achieving one’s dream of a comfortable, secure retirement becomes easier and simpler when one plans his/her finances.
Full retirement age
There is an important term called as the full retirement age’ in the US. It is the age at which an individual becomes entitled to receive unreduced or full retirement benefits from the employer and government. There are certain rules when it comes to full retirement age (FRA):
If someone has been born after 1937, i.e. if that individual’sFRA is more than 65, that person will still be able to receive his/her entire benefits at age 62. However, the stipulation is that the benefits reduction is more for individuals born after 1938.
For instance, if someone’s FRA is 67.
If one begins his/her retirement benefits at the age of 62 years, then their monthly benefit reduces by as much as 30%. For other ages, the reduction for starting benefits at that particular age is:
6.7% when begun at age 66
13.3% when begun at age 65
20%when begun at age 64, and
25% when begun at age 63
Also, if one begins receiving the benefits of their spouses at the age of 62 years, then the reduction in monthly benefit is a whopping 67.5% of your amount that the spouse would have gotten had their benefits begun at FRA. For the spouses, the reduction percentages for beginning benefits is:
50% when begun at age 67 (maximum benefit)
54.2% when begun at age 66
58.3% when begun at age 65
62.5% when begun at age 64, and
65% when begun at age 63
Full age retirement chart
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The earliest one can begin receiving benefits is at the age of 62 only.
Also, if one was born on the 1st of January, then the year to be considered is the previous year. If one were born on the 1st of any month, then then the previous month age is considered.
Also, if one delays retirement benefits and wait until after the FRA, then one may even be entitled for credits for delayed retirement. These will increase benefits per month. Also, one should sign up for Medicare at 65 years of age.
Tags: Retirement planningfull age retirement chart
Full Social Security Benefits Receipt Ages
Year of Birth
Full Retirement Age
1960 and after
67 years
1959
66 years, 10 months
1958
66 years, 8 months
1957
66 years, 6 months
1956
66 years, 4 months
1955
66 years, 2 months
1943–1954
66 years
1942
65 years, 10 months
1941
65 years, 8 months
1940
65 years, 6 months
1939
65 years, 4 months
1938
65 years, 2 months
1937 or before
65 years
There are companies that work on collecting and maintaining credit information of consumers. These are known as credit reporting agencies (CRAs). There are three such major CRAs in the country, namely Equifax, Experian, and TransUnion. Apart from these, there are other smaller-scale agencies too that specialize at the job. If you’re worried about “where to get my credit score?,” the larger CRAs are the most reliable bets.
These major CRAs obtain information from companies that you hold business and transactions with. People or companies that lend you money regularly report to these CRAs on your repaying status. There is also detailed information on the amount you are indebted and whether you have ever defaulted on your payments. Aside from the reports obtained from lenders, these companies also tally your general records based on certain other aspects. Some of these aspects are your public records from the local and state judiciary. These include your tax records and bankruptcy information. This information makes up an important chunk of your credit score and its report.
Equifax
Present in 24 countries, Equifax is an agency that offers consumers protection against identity theft and credit fraudulence. They also sell credit reports and credit monitoring assistance to businesses.
Experian
Experian started off in London and is now a trusted agency in 39 different countries. It provides you with a credit score, credit report, and even credit tracker on subscription. The agency uses FICO 8 system of credit score calculation. Experian was a part of Forbes’ “World’s Most Innovative Companies” in 2018.
TransUnion
Based across 30 countries with a database of over 1 billion consumers, TransUnion is another CRA giant. The agency, like the other ones, will provide you with your credit score and your credit reports. In case you decide to freeze your TransUnion credit report, it will also go the extra mile to notify Equifax and Experian, which frankly is a big help especially in case of identity theft and credit fraud.
So, the next time you are sat wondering “where to get my credit score?,” think of these three giants that provide you with an annual credit score and credit report for free once each year. However, if you are looking for more frequent updates, you can subscribe to their services and receive your monthly updates.
Did you know that you have more than a single credit score? Agencies calculate your credit score based on the data in your credit reports. If you are wondering, “where to get my credit score?,” there are three main credit reporting agencies. These can have different credit scores for you if your information on each of their credit reports is different. Also, these agencies charge a fee to reveal your credit score.
Recently, it has become easier to track and get hold of your credit score without paying any fees. You can get it from your credit card company, your loan provider, and even from a non-profit counselor. Here are a few tips you can use to check your score.