Retirement age and benefit reduction
SSA · checked 2026-10-04
The app uses the figures and rules named on that page. It does not replace the page.
family · official figure · reviewed 2026-10-04
See the Social Security Cut or Credit for a Claim Age
Full retirement age is 67 for a birth in 1960 or later. A claim at 62 is a 30% reduction. Waiting until 70 adds delayed credits.
What this guide helps you do
Apply the SSA full-retirement-age table, the early-reduction formula, and delayed credits.
The figure that changes the result
A January 1 birthday uses the prior year's full retirement age.
Reading three SSA tables and reducing a benefit by hand takes about 30 minutes. The January 1 rule is often skipped.
Who this is for
A person comparing age 62, full retirement age, and age 70 before claiming retirement benefits.
Steps
Step 1
Use the birth year. If the birthday is January 1, use the prior year.
Step 2
Read full retirement age from the SSA table.
Step 3
For a claim at 62, apply 5/9 of 1% for each of the first 36 months, then 5/12 of 1% for each extra month.
Step 4
For a claim at 70, add delayed credits. Births in 1943 or later earn 2/3 of 1% per month.
Step 5
Compare the monthly amount. The reduction from an early claim lasts.
Worked example
A 1960 birth has full retirement age of 67. A claim at 62 is 60 months early. The reduction is 30%. A $1,000 full benefit becomes $700. SSA's chart shows the same 30% and $700.
70.00% of the full benefit, or $700.00 a month on the amount you entered.
- Birth year used: 1960.
- Full retirement age: 67.
- Months from full retirement age: -60.
- Percent of full benefit: 70.00%.
- Monthly amount: $700.00.
Full retirement age for this birth year is 67.
Where this goes wrong
This is not a spousal or survivor percentage. It is not a benefit statement. Delayed credits stop at age 70. Do not add credits past that age.
What the source says
Limits
The tool tests three claim ages, not every month.
SSA rounds its $1,000 chart to the nearest dollar. This tool rounds to the nearest cent.
Sign up for Medicare at 65 even if you delay retirement benefits. SSA states that separately.
This tool gives general information. It is not financial or tax advice. Confirm the numbers with the provider or a licensed adviser before you act.
Use the current instruction from the agency named above. This guide is a planning aid, not an official decision.
Free companion app
Apply the SSA full-retirement-age table, the early-reduction formula, and delayed credits.
Open Apply the SSA Early or Delayed Rate
Your entries stay on this device. We do not receive them.
This guide uses short, direct instructions as an ASD-STE100-style writing target. It is not a formal certification.