When someone is born between 1955 and 1959, the FRA and Birthday selection pop-up question appears. What is it and why do the benefit amounts appear to be the same sometimes?
What is it?
- When someone is born between 1955 and 1959, their true full retirement age (FRA) is between age 66 and 67. Full retirement age for folks born in 1960 or later is 67. Select ‘Full Retirement Age’ if you do not want to see any reduction in benefits for taking early
Why are the results the same sometimes no matter which you choose?
- One can only elect to restrict once they are at their FRA, thus if the STAR or the target is set to a strategy where it has that individual restricting, and ‘birthday’ was selected on the prior screen, the software will automatically have them start the strategy at their full FRA not their birthday, because they cannot suspend or restrict before their full FRA, rather only elect to file for their own benefit.
