Social Security retirement benefits
As you plan for retirement, it’s important to evaluate your Social Security options. If you retire before what’s considered full retirement age, your monthly benefits will be reduced. Use the table below to find your full retirement age.
|Year of birth*||Full retirement age|
|1937 or earlier||65|
|1938||65 and 2 months|
|1939||65 and 4 months|
|1940||65 and 6 months|
|1941||65 and 8 months|
|1942||65 and 10 months|
|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 and later||67|
* If your birthday is on January 1, use the full retirement age for the previous year.
- The 2015 maximum benefit is $31,956 per person per year.
If you return to work after you’ve started claiming Social Security benefits and you haven’t reached full retirement age, those payments may be reduced. See the table below.
If you’re under your full retirement age in 2015… Your payments will be reduced $1 for every $2 you make over $15,720. If you will reach your full retirement age in 2015… Your payments will be reduced $1 for every $3 you make over $41,880 until the month you reach full retirement age. You can then work without any reduction in your benefits, no matter how much you earn.
For more details about your benefits (including a tool that helps you estimate what your benefits might be), visit the Social Security website.
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectuses and summary prospectuses, which can be obtained from a financial professional or downloaded and should be read carefully before investing.