Full retirement age for someone born in 1958 is 66 and 8 months. The full retirement age gradually increased from 65 for people born before 1938, as part of changes made to Social Security in 1983. For people born between 1943 and 1954, the full retirement age is 66. It then increases by two months for each year of birth until 1960, when it caps at 67 for anyone born in 1960 or later.
Full retirement age is significant because it determines when you can claim your complete Social Security retirement benefit. You can claim as early as age 62, but doing so reduces your monthly benefit permanently. Conversely, delaying benefits past full retirement age increases them by about 8% per year until age 70.
Someone born in 1958 reaching their full retirement age of 66 and 8 months in 2024 or 2025 would receive their standard benefit amount. The exact calculation of your benefit depends on your earnings history and contributions to Social Security throughout your working years.