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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.

 

Full Retirement and Age 62 Benefit By Year Of Birth

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%
  1. If you were born on January 1st, you should refer to the previous year. 
  2. 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.
  3. Percentages are approximate due to rounding.
  4. 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.

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

 

Social Security Questions and answers
In the news: Read Carols comments in this BankRate.com Social Security article


Thank you so much. The amount of infomation you provided on our call went a long way in helping to resolve the issues I had with the social security rep I was working with.
Tom F. 09-16-2017


Thank you so much. You provide a fantastic service and I really appreciate all your help. The next time I have a question regarding Social Security I will go to you first and save myself a lot of time.
Carol J. 09-04-2017


Thanks for the straight forward answers. It would have save a lot of time if I knew about this site months ago.
Emily D. 08-24-2017

Great talking with you and thanks for the help. Things now seem to be going in the right direction.
Chris H. 08-24-2017

Hello, thank you so much for responding to my inquiry, I really did not expect to get an answer from you so quickly. Brought the information you sent to my social security office an the issue, i have been dealing with for months, was resolved in an hour.
Veda M. 08-04-2017

Thank you so much for the reply.
Tom C. 07-05-2017

Thank you so much for returning my email so quickly.
Laverne J. 06-25-2017

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