At what age can individuals start receiving full Social Security retirement benefits?

• A. Age 60
• B. Between ages 66 and 67, depending on the year of birth
• C. Age 65
• D. Age 62

Answer: (B)

Individuals can begin receiving full Social Security retirement benefits between ages 66 and 67, depending on their year of birth. This is a key component of the Social Security program, as the full retirement age was gradually increased to ensure the program's sustainability amid demographic changes, such as increasing life expectancy.

For those born in 1937 or earlier, the full retirement age is 65. However, for individuals born in 1960 or later, the full retirement age has been raised to age 67. As such, the exact age at which a worker can receive full benefits varies within this range, making it essential to consider the year of birth when determining full retirement age.

This system encourages individuals to retire later to receive their full benefits, offering a financial incentive to work longer. Early retirement options are available starting at age 62, but those who choose to retire early will face a reduction in their monthly benefits.