How it works
Full retirement age (FRA) is set by the Social Security Administration by birth year: 66 for 1943–1954, rising two months a year to 67 for anyone born in 1960 or later. People born on January 1 use the year before.
Claiming early cuts the benefit by 5/9 of 1% a month for the first 36 months and 5/12 of 1% for each month beyond. Waiting past FRA adds 2/3 of 1% a month (8% a year) up to age 70.
Worked example
Born April 10, 1962: FRA is 67, reached April 10, 2029. Claiming at 62 is 60 months early: 36 × 5/9% + 24 × 5/12% = 20% + 10% = 30% less, so 70% of the full benefit. Waiting to 70 gives 124%.
Frequently asked questions
What is my full retirement age?
67 if you were born in 1960 or later. From 1955 to 1959 it's 66 plus 2 months for each year after 1954.
How much do I lose by claiming at 62?
Up to 30% of the monthly benefit if your FRA is 67, and the cut is permanent.
Does waiting until 70 pay more?
Yes. Each year past FRA adds 8%, so with an FRA of 67 waiting to 70 gives 124%.
Is this official?
The rules come from the Social Security Administration. Check ssa.gov for your own benefit amount.