Benefits By Year Of Birth
Full retirement age is the age at which a person may first become entitled to full or unreduced retirement benefits.
No matter what your full retirement age (also called "normal retirement age") is, you may start receiving benefits as early as age 62 or as late as age 70.
If You Retire Early
You can retire at any time between age 62 and full retirement age. However, if you start benefits early, your benefits are reduced a fraction of a percent for each month before your full retirement age.
The chart below lists age 62 reduction amounts and includes examples based on an estimated monthly benefit of $1000 at full retirement age. Select your year of birth to find out how much your benefit will be reduced if you retire between age 62 and full retirement age.
Full Retirement and Age 62 Benefit By Year Of Birth
|Year of Birth 1.||Full (normal) Retirement Age||Months between age 62 and full retirement age 2.||At Age 62 3.|
|A $1000 retirement benefit would be reduced to||The retirement benefit is reduced by 4.||A $500 spouse's benefit would be reduced to||The spouse's benefit is reduced by 5.|
|1937 or earlier||65||36||$800||20.00%||$375||25.00%|
|1938||65 and 2 months||38||$791||20.83%||$370||25.83%|
|1939||65 and 4 months||40||$783||21.67%||$366||26.67%|
|1940||65 and 6 months||42||$775||22.50%||$362||27.50%|
|1941||65 and 8 months||44||$766||23.33%||$358||28.33%|
|1942||65 and 10 months||46||$758||24.17%||$354||29.17%|
|1955||66 and 2 months||50||$741||25.83%||$345||30.83%|
|1956||66 and 4 months||52||$733||26.67%||$341||31.67%|
|1957||66 and 6 months||54||$725||27.50%||$337||32.50%|
|1958||66 and 8 months||56||$716||28.33%||$333||33.33%|
|1959||66 and 10 months||58||$708||29.17%||$329||34.17%|
|1960 and later||67||60||$700||30.00%||$325||35.00%|
Pros And Cons
As a general rule, early or late retirement will give you about the same total Social Security benefits over your lifetime. If you retire early, the monthly benefit amounts will be smaller to take into account the longer period you will receive them. If you retire late, you will get benefits for a shorter period of time but the monthly amounts will be larger to make up for the months when you did not receive anything.
There are advantages and disadvantages to taking your benefit before your full retirement age. The advantage is that you collect benefits for a longer period of time. The disadvantage is your benefit is reduced. Each person's situation is different. It is important to remember:
- if you delay your benefits until after full retirement age, you may be eligible for delayed retirement credits that would increase your monthly benefit;
- that there are other things to consider when making the correct decision about your retirement benefits; and
- to contact Social Security before you decide when to retire.