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
1943-1954 66
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

Additional information:

  • The 2014 maximum benefit is $31,704 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 2014… Your payments will be reduced $1 for every $2 you make over $15,480.
    If you will reach your full retirement age in 2014… Your payments will be reduced $1 for every $3 you make over $41,400 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.

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.

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