Although some politicians are talking about changes to Social Security, for now you must deal with the current system. A key point is your full retirement age, and that the depends on your year of birth:
* If you were born from 1943 through 1954, your full retirement age is 66.
* If you were born from 1955 through 1959, your full retirement age is between 66 and 67. The younger you are, the later you reach that age. If you were born in 1958, for instance, your full retirement age is 66 years and 8 months.
* If you were born after 1959, your full retirement age is 67.
Why is this important? Once you reach your full retirement age, you can have any amount of earned income without reducing your Social Security benefits. Also, if you wait until your full retirement age to start receiving Social Security, you’ll get your full benefit every month for the rest of your life, with no reduction for starting early.
