People born in 1949 reach the Social Security Administration's full retirement age when they turn 66. Although people born in 1949 have the option to collect retirement benefits once they turn 62, any choice to do so before age 66 results in reductions in their monthly benefit amount.
People born in 1949 are part of the group, born between 1943 and 1954, whose full or normal retirement age is set at 66. This age has increased from age 65 in two-month increments every year since 2002, when those born in 1937 became eligible to receive their full retirement benefits. The next group to be impacted by a two-month increase in full retirement age consists of those born in 1955. People born in 1960 are the first whose full retirement age is exactly 67.