302.1 How is your retirement insurance benefit amount computed?
The retirement insurance benefit rate is equal to the primary insurance amount, which is the basis for all benefits. In some cases, a special minimum benefit is provided for some individuals as explained in §717. These amounts may be increased by a cost-of-living benefit increase.
(See Chapter 7 for the methods of determining your primary insurance amount and for the effect of delayed retirement credits.)
302.2 Can you receive a reduced benefit before you reach retirement age?
If you wait until retirement age, you will receive the full retirement insurance benefit rate. However, if you are a worker age 62 to retirement age and otherwise eligible for retirement insurance benefits, you can choose to receive a reduced benefit. If you choose to receive and do receive benefits for one or more months before retirement age: