The age you start receiving Social Security retirement benefits permanently impacts your monthly payment amount. Claiming earlier than your full retirement age will reduce your benefit, while delaying past your full retirement age can increase it.
Your Social Security benefit amount is directly tied to the age you choose to begin receiving it. You can start benefits as early as age 62, but each month you claim before your full retirement age (FRA) results in a permanent reduction of your monthly payment. Conversely, delaying benefits beyond your FRA, up to age 70, earns delayed retirement credits that permanently increase your monthly benefit amount.
Social Security rules and benefit amounts can change, so it is important to verify current information with the official Social Security Administration.
What is my full retirement age for Social Security benefits?
Your full retirement age (FRA) is the age at which you can receive your full, unreduced Social Security retirement benefit. This age is determined by your birth year. For individuals born between 1943 and 1954, the FRA is 66. For those born in 1955 through 1959, it gradually increases by two months each year, reaching 66 and 8 months for those born in 1957. For anyone born in 1960 or later, the FRA is 67. You can find your specific FRA on the Social Security Administration's website.