For someone born in October 1953, the full retirement age (FRA) is 66 and 2 months. Full retirement age, also called normal retirement age, is the age at which Social Security considers you eligible to receive your full retirement benefit amount without any reduction for early claiming.
The FRA varies depending on birth year due to a gradual increase built into Social Security law. For individuals born between 1943 and 1954, the FRA is 66 plus a number of months. Specifically, those born in 1953 see their FRA increase by 2 months, making it 66 years and 2 months.
Understanding your FRA is important because claiming before this age results in a permanently reduced benefit (roughly 0.556% reduction per month before FRA), while claiming after FRA results in delayed retirement credits that increase your benefit (roughly 0.667% per month after FRA, up to age 70).
Someone born in October 1953 would reach their full retirement age in December 2019. If they claimed benefits at age 62 (the earliest possible), they would receive about 70% of their full benefit amount. If they waited until age 70, they would receive about 124% of their full benefit amount. These percentages help illustrate why the timing of Social Security claims is often considered a significant financial decision.