Social Security Claiming Age
When you claim Social Security retirement benefits affects how much you receive each month for the rest of your life. Claiming before your Full Retirement Age (FRA) permanently reduces your benefit. Waiting past FRA earns delayed retirement credits of 8% per year, up to age 70.
Full Retirement Age by Birth Year
| Birth Year | Full Retirement Age |
|---|---|
| 1937 | 65 years |
| 1938 | 65 years, 2 months |
| 1939 | 65 years, 4 months |
| 1940 | 65 years, 6 months |
| 1941 | 65 years, 8 months |
| 1942 | 65 years, 10 months |
| 1943 – 1954 | 66 years |
| 1955 | 66 years, 2 months |
| 1956 | 66 years, 4 months |
| 1957 | 66 years, 6 months |
| 1958 | 66 years, 8 months |
| 1959 | 66 years, 10 months |
| 1960 and later | 67 years |
Source: Social Security Administration, "Retirement Planner: Full Retirement Age." ssa.gov.
How Benefits Change by Claiming Age
For someone born in 1960 or later (FRA = 67). The benefit factor is multiplied by your full retirement benefit amount.
| Claiming Age | Benefit Factor | Example ($2,000 FRA) | Description |
|---|---|---|---|
| 62 | 0.700 | $1,400/mo | 30% permanent reduction |
| 63 | 0.750 | $1,500/mo | 25% permanent reduction |
| 64 | 0.800 | $1,600/mo | 20% permanent reduction |
| 65 | 0.867 | $1,733/mo | 13.33% permanent reduction |
| 66 | 0.933 | $1,867/mo | 6.67% permanent reduction |
| 67 | 1.000 | $2,000/mo | Full retirement age - 100% of benefit |
| 68 | 1.080 | $2,160/mo | 8% delayed retirement credit |
| 69 | 1.160 | $2,320/mo | 16% delayed retirement credit |
| 70 | 1.240 | $2,480/mo | 24% delayed retirement credit |
Source: Social Security Administration, "Effect of Early or Delayed Retirement on Retirement Benefits." ssa.gov.
Example: How Claiming Age Affects Your Benefit
If your Full Retirement Age benefit is $2,000 per month:
- Claim at 62: $2,000 × 0.700 = $1,400/month (30% less, permanently)
- Claim at 67 (FRA): $2,000 × 1.000 = $2,000/month (full benefit)
- Claim at 70: $2,000 × 1.240 = $2,480/month (24% more, permanently)
The difference between claiming at 62 and 70 is $1,080 per month — or $12,960 per year — for life.
Important: These reductions and credits are permanent. If you claim early, your benefit stays reduced even after you reach FRA. Delayed retirement credits stop accumulating at age 70 — there is no additional benefit to waiting past 70.
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