Retirement Age

Retirement Age for Someone Born in 1958: What You Need to Know

Last Updated on:
October 16, 2023
Created By:
Advertiser Disclosure
At RetirementAge we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money . The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Terms apply to the offers listed on this page. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

Retirement Age for Someone Born in 1958: What You Need to Know

If you were born in 1958, you may be wondering what your retirement age is and when you can start receiving Social Security benefits. According to the Social Security Administration (SSA), your full retirement age is 66 and 8 months. However, you can start receiving your retirement benefits as early as age 62, but your benefit amount will be reduced.

If you choose to start receiving your benefits before your full retirement age, your monthly benefit amount will be permanently reduced. On the other hand, if you delay receiving your benefits until after your full retirement age, your monthly benefit amount will increase. In fact, if you delay receiving your benefits until age 70, you can receive up to 32% more than your full retirement age benefit amount.

It’s important to carefully consider when to start receiving your Social Security benefits, as the decision can have a significant impact on your retirement income. By understanding your full retirement age and the options available to you, you can make an informed decision about when to start receiving your benefits.

Understanding Retirement Age

If you were born in 1958, your full retirement age is 66 years and 8 months, according to the Social Security Administration (SSA). This means that you can start receiving your Social Security retirement benefits as early as age 62, but the benefit amount you receive will be less than your full retirement benefit amount.

The earliest a person can start receiving Social Security retirement benefits will remain at age 62, according to the SSA. However, if you delay receiving retirement benefits until after your full retirement age, your monthly benefit continues to increase. For example, if you start receiving benefits at age 66 and 8 months, you get 100 percent of your monthly benefit. But if you delay your benefits until age 70, your monthly benefit amount will increase by 8 percent for each year you delay, up until age 70.

It’s important to note that you do not have to start receiving your Social Security retirement benefits at your full retirement age. You can choose to start your benefits earlier or later, depending on your individual circumstances. However, it’s important to understand that if you start your benefits before your full retirement age, your benefit amount will be permanently reduced. On the other hand, if you delay your benefits beyond your full retirement age, your benefit amount will permanently increase.

In addition to understanding your Social Security retirement benefits, it’s also important to consider other factors when planning for retirement. These might include your personal savings, pension benefits, and other sources of income. By taking a comprehensive approach to retirement planning, you can help ensure that you have the resources you need to enjoy a comfortable retirement.

Retirement Age for Someone Born in 1958

If you were born in 1958, you may be wondering what your retirement age is. Retirement age is an important factor to consider when planning for your future. Here are some key things you need to know about retirement age if you were born in 1958.

Social Security Retirement Age

The earliest age you can start receiving Social Security retirement benefits is 62. However, if you choose to start receiving benefits at this age, your benefit amount will be reduced. The reduction is based on the number of months you receive benefits before reaching your full retirement age.

Full Retirement Age

Your full retirement age is the age at which you are entitled to receive full Social Security retirement benefits. If you were born in 1958, your full retirement age is 66 and 8 months. This means that if you wait until this age to start receiving benefits, you will receive your full benefit amount.

If you choose to delay receiving benefits beyond your full retirement age, your benefit amount will increase by a certain percentage. The increase is based on the number of months you delay receiving benefits, up until age 70.

It’s important to note that your full retirement age may be different from your spouse’s full retirement age, even if you were born in the same year. This is because full retirement age is based on your birth year, not your birth date.

In summary, if you were born in 1958, your full retirement age is 66 and 8 months. You can start receiving Social Security retirement benefits as early as age 62, but your benefit amount will be reduced if you do so. If you delay receiving benefits beyond your full retirement age, your benefit amount will increase.

Factors Affecting Retirement Age

When it comes to deciding when to retire, there are several factors that can influence your decision. Here are some of the most common factors that may affect your retirement age.

Health Status

Your health status is an important consideration when deciding when to retire. If you have a physically demanding job or suffer from health problems that make it difficult to work, you may need to retire earlier than someone who is in good health. On the other hand, if you are in good health and enjoy your job, you may be able to work longer and delay retirement.

Financial Situation

Your financial situation is another key factor to consider when deciding when to retire. If you have saved enough money to support yourself in retirement, you may be able to retire earlier. However, if you have not saved enough money or have significant debt, you may need to work longer to improve your financial situation.

Personal Choice

Ultimately, the decision of when to retire is a personal choice. Some people may choose to retire early to pursue other interests or spend more time with family, while others may choose to work longer to stay active and engaged in their careers. It’s important to consider your personal goals and priorities when making this decision.

In summary, your health status, financial situation, and personal choice are all important factors to consider when deciding when to retire. By carefully weighing these factors and making a plan, you can make the best decision for your individual needs and goals.

Planning for Retirement

Retirement planning can seem overwhelming, but it’s important to start early to ensure a comfortable retirement. As someone born in 1958, your full retirement age is 66 and 8 months. Here are some things to consider when planning for retirement.

Financial Planning

One of the most important aspects of retirement planning is financial planning. You’ll need to determine how much money you’ll need to live comfortably in retirement and how you’ll get that money. Social Security benefits will likely be a significant part of your retirement income, but it may not be enough to cover all your expenses.

Consider speaking with a financial advisor to help you develop a retirement plan that takes into account your income, expenses, and savings. You may also want to explore other sources of retirement income, such as a 401(k) or IRA.

Healthcare Planning

Healthcare costs can be a significant expense in retirement, so it’s important to plan for them. Medicare is available to most people at age 65, but it may not cover all your healthcare expenses. You may want to consider purchasing supplemental insurance to cover the gaps in Medicare coverage.

You may also want to consider long-term care insurance, which can help cover the costs of long-term care if you become ill or disabled. Speak with a healthcare professional to determine what type of coverage is right for you.

Lifestyle Planning

Retirement is a time to enjoy the things you love, but it’s important to plan for your lifestyle expenses. Consider what type of lifestyle you want in retirement and how much it will cost. You may want to travel, pursue a hobby, or spend more time with family and friends.

Make a budget that takes into account your lifestyle expenses, and adjust your retirement plan accordingly. Remember that your retirement plan should be flexible and adaptable to changing circumstances.

By taking the time to plan for retirement, you can ensure a comfortable and enjoyable retirement. Speak with professionals and do your research to make informed decisions about your retirement plan.

Conclusion

In this article, we have discussed the retirement age for individuals born in 1958. As we have seen, the full retirement age for someone born in 1958 is 66 years and 8 months. This means that if you were born in 1958, you can start collecting full Social Security retirement benefits at age 66 and 8 months.

We have also learned that delaying retirement benefits until after your full retirement age can increase your monthly benefit. It’s important to note that while you can start collecting Social Security benefits at age 62, your benefits will be reduced if you start before your full retirement age.

To ensure that you’re making the best decision for your retirement, it’s important to consider your personal financial situation, health, and other factors that may impact your retirement plans. You may also want to consult with a financial advisor to help you make informed decisions about your retirement planning.

Overall, understanding your retirement age and the impact it has on your Social Security benefits is an important step in planning for your future. By taking the time to understand your options and making informed decisions, you can help ensure a financially secure retirement.

Frequently Asked Questions

What is the full retirement age for someone born in 1958?

If you were born in 1958, your full retirement age is 66 and 8 months. This means that you can start receiving your Social Security retirement benefits as early as age 62, but the benefit amount you receive will be less than your full retirement benefit amount.

How does the Social Security retirement age chart work?

The Social Security retirement age chart shows the full retirement age for people born in different years. The full retirement age is the age at which you can start receiving your Social Security retirement benefits without any reduction in your benefit amount. If you start receiving your retirement benefits before your full retirement age, your benefit amount will be reduced.

Can I collect Social Security at 62 if I was born in 1958?

Yes, you can start receiving your Social Security retirement benefits as early as age 62 if you were born in 1958. However, your benefit amount will be reduced if you start receiving benefits before your full retirement age.

What are the different types of Social Security benefits?

There are several different types of Social Security benefits, including retirement benefits, disability benefits, survivor benefits, and spousal benefits. Retirement benefits are the most common type of Social Security benefit.

Is it better to take Social Security at 62 or wait until full retirement age?

The decision of when to start receiving your Social Security retirement benefits depends on your individual circumstances. If you start receiving benefits before your full retirement age, your benefit amount will be reduced. However, if you wait until after your full retirement age to start receiving benefits, your benefit amount will be increased.

How do I calculate my retirement age if I was born in 1958?

To calculate your retirement age if you were born in 1958, you can use the Social Security retirement age chart show below. Your full retirement age is 66 and 8 months. If you start receiving benefits before your full retirement age, your benefit amount will be reduced. If you wait until after your full retirement age to start receiving benefits, your benefit amount will be increased.

Retirement Age Chart: Born in 1958
Age of Retirement Collection Percentage of Social Security Retirement Benefits
62 71.7%
63 76.7%
64 81.1%
65 88.9%
66 95.6%
66 + 8 months 100%
67 102.7%
68 110.7%
69 128.7%
70 126.7%

Written By:
Bryan Henry
Hi, I’m Bryan and I am delighted to make your acquaintance. Finances and business are my passions, and I have devoted myself to becoming an expert on all things related to money management. As the founder and owner of my own successful enterprise, I have acquired invaluable hands-on knowledge about entrepreneurship, budgeting, investing, and more.
ON THIS PAGE