Social Security benefits most often are very essential components in order to have a secure and hassle-free retirement. The two key factors that determine the benefits you get monthly are -- the amount of money you have earned in your working years, and the age from which you wish to get the benefits.

The Social Security Administration (SSA) takes into account the 35 years of your highest earnings. If the working years of a person happen to be less than 35 years, the SSA would mark $0 as the earnings in some years. For obvious reasons, the benefits go higher with the earnings during the working years. But, the earnings that exceed over the yearly limit are not taken into account for the calculations of benefits. The amount of benefits that is calculated is based on assumption that you retire at the normal age of retirement, mentioned below. But, one is free to go for retirement anywhere from the age of 62 to 70. But, the benefits go lower with the lower age of retirement.

The United States Congress has put down the usual retirement age in accordance with the year a person is born. The standard retirement age considered by the SSA according to people’s year of birth are mentioned below:

Year of Birth Age of Retirement
1937 or before 65 years
1938 65 years 2 months
1939 65 years 4 months
1940 65 years 6 months
1941 65 years 8 months
1942 65 years 10 months
1943 till 1954 66 years
1955 66 years 2 months
1956 66 years 4 months
1957 66 years 6 months
1958 66 years 8 months
1959 66 years 10 months
1960 or after 67 years

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