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| Social Security retirement benefits by year of birth |
No matter what your full retirement age (also called "normal retirement age") is, you may start receiving benefits as early as age 62.
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. Click on your year of birth to find out how much your benefit will be reduced if you retire between age 62 and full retirement age.
Note: If your birthday is on January 1st, we figure your benefit as if your birthday was in the previous year. |
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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 |
At Age 62 2. |
| A $1000 retirement benefit would be reduced to |
The retirement benefit is reduced by 3. |
A $500 spouse's benefit would be reduced to |
The spouse's benefit is reduced by 4. |
|
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% |
|
1943-1954 |
66 |
48 |
$750 |
25.00% |
$350 |
30.00% |
| 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% |
- If you were born on January 1st, you should refer to the previous year.
- If you were born on the 1st of the month, we figure the benefit as if your birthday was in the previous month. You must be at least 62 for the entire month to receive benefits.
- Percentages are approximate due to rounding.
- The maximum benefit for the spouse is 50% of the benefit the worker would receive at full retirement age. The % reduction for the spouse should be applied after the automatic 50% reduction. Percentages are approximate due to rounding.
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Pros and Cons
As a general rule, early retirement will give you about the same total Social Security benefits over your lifetime, but in smaller amounts to take into account the longer period you will receive them.
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 permanently reduced. Each person's situation is different.
Note: If you delay your benefits until after full retirement age, you also may be eligible for delayed retirement credits that would increase your monthly benefit.
Source: http://www.socialsecurity.gov/retire2/agereduction.htm |
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