Your full retirement age is 66 years and 8 months if you were born in 1958.

People born in 1958 can start receiving reduced social security benefits when they turn 62 in 2020. Their window for full retirement benefits begins in 2024, and they will get the maximum benefit if they wait until 2028 to request it.

Here’s what people born in 1958 need to know about Social Security:

• Getting started early can mean a lot less money. Starting at age 62 permanently reduces checks by 28.3% for people born in 1958, compared to waiting until full retirement age. Working may reduce checks further, as Social Security withholds $ 1 for every $ 2 earned over the earnings limit (which in 2019 is $ 17,640).

• Starting at 66 years and 8 months means receiving 100% of your retirement benefit, and the income test no longer applies.

• Waiting until 70 to start will produce the biggest check. After full retirement age, benefits increase by 8% per year, or two-thirds of 1% each month, up to a maximum of 70 years.

Waiting until at least the age of full retirement to apply is often the best choice, researchers say. Most people live beyond the “break-even point” age where their larger benefit more than makes up for the small checks they bypass. (People who turn 65 can expect to live 19 years longer if they are male and 21.5 years older if they are female.)

The highest income in a married couple should delay as long as possible. (The highest income benefit determines how much the survivor will receive after the death of the first spouse.)

Many people apply as soon as they stop working, but you don’t have to do both at the same time. You can retire and delay your application or continue working after you start collecting Social Security benefits. Often times, financial advisors will suggest using retirement accounts to help you if doing so allows you to delay the claim. You can register Health Insurance at age 65, whether or not you have started Social Security, although if you have started, your registration will be automatic.

Respond to “When can I retire?The question is to determine how much more income you will have besides Social Security, and if that is enough to cover your planned expenses.

Social Security benefits typically replace an average of 40% of a person’s late-career earnings, although your replacement rate may be lower if you were earning a lot. Either way, you’ll likely need to tap into pensions, retirement accounts, and other savings to supplement your Social Security if you want a comfortable retirement.