When Can I Retire If I Was Born in 1959?

The earliest you can begin Social Security is 2021 — but your benefit is lower if you claim before full retirement age.
GettyImages-109350592-when-can-i-retire-if-i-was-born-in-1959

Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.


The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.

Updated · 1 min read
Profile photo of Liz Weston, CFP®
Written by Liz Weston, CFP®
Senior Writer
Profile photo of Rick VanderKnyff
Edited by Rick VanderKnyff
Senior Assigning Editor
Fact Checked

Your Social Security full retirement age is 66 years and 10 months if you were born in 1959.

People born in 1959 can start Social Security as early as 2021, when they turn 62. Waiting until full retirement age, which starts in 2025, would mean getting 100% of benefits. Delaying until 2029 will give them the largest checks.

If you were born in 1959, here are key facts to know about Social Security:

  • If you start at 62, your Social Security checks will be permanently reduced by 29.17% from what you would get if you claimed at your full retirement age. The Social Security earnings test could lower your benefit even more if you work. Social Security withholds $1 for every $2 earned over the earnings limit (which in 2019 is $17,640) until you reach full retirement age.

  • Delaying until 66 years and 10 months results in getting 100% of your benefit, and the earnings test doesn’t apply.

  • Waiting until 70 results in the largest check, since delayed retirement credits boost your benefit by two-thirds of 1% for each month you delay until 70.

Nerd out on investing news
A NerdWallet account is the smartest way to see the latest financial news and what it means for your wallet.
NerdWallet News

Social Security for those born in 1959

Starting age

% of full benefit

Monthly benefit*

Annual benefit *

62

70.83%

$1,417

$17,004

65

87.78%

$1,756

$21,072

66 & 10 mos.

100%

$2,000

$24,000

70

125.33%

$2,506

$30,072

* Based on $2,000 monthly benefit

Waiting is best for most people

The higher earner in a married couple should wait as long as possible to begin.

If you’re like most people, you can expect to live beyond the “break even” age where the larger checks from delaying the start of Social Security will exceed the smaller checks you don’t collect in the meantime. (If you’re a man, at 65 you can expect to live 19 more years. If you’re a woman, average life expectancy at 65 is 84.6.)

In married couples, the higher earner should wait as long as possible to begin, because it’s that benefit that will be given to the survivor when the first spouse dies.

Claim Social Security before or after retiring

Retiring and claiming Social Security don’t have to be simultaneous. It may make sense for you to retire first and claim later, or claim and continue working. If you need money to help you delay, financial advisors often recommend tapping retirement funds. You can enroll in Medicare at 65 whether or not you’re claiming Social Security.

Advertisement

Fees 

$1,000 and up

per year (free initial consultation)

Fees 

0.30%

management fee

Fees 

Up to 1%

per year

Account minimum 

$0

Account minimum 

$50,000

Account minimum 

$250,000

Promotion 

Limited time $550 kick-start offer!*

Get $300 into your brokerage account if you invest & maintain $5k within your first 90 days, plus the $250 enrollment fee will be waived for new annual members. Expires Dec 31, 2024

Promotion 

None

no promotion available at this time

Promotion 

$250 off

one year of financial or tax planning

AD

Paid non-client promotion

AD

Paid non-client promotion

AD

Paid non-client promotion

How much will you need to retire?

Determining the answer to “When can I retire?” typically requires identifying other income sources in addition to Social Security, since that alone usually isn’t enough to retire comfortably. Social Security replaces about 40% of most workers’ late-career earnings, although it may replace more if you’re low income and less if you’re high income.

Most people will need additional income from a pension, retirement fund or other savings to supplement what they get from Social Security.

Our retirement calculator can help you determine how much you’ll need to retire.

Get more smart money moves – straight to your inbox
Sign up and we’ll send you Nerdy articles about the money topics that matter most to you along with other ways to help you get more from your money.