Benefits Planner: Retirement | Retirement Age and Benefit Reduction (2024)

You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.

If you start receiving benefits early, your benefits are reduced a small percent for each month before your full retirement age.

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 2.	At Age 62 3.
Year of Birth 1.	Full (normal) Retirement Age	Months between age 62 and full retirement age 2.	A $1000 retirement benefit would be reduced to	The retirement benefit is reduced by 4.	A $500 spouse's benefit would be reduced to	The spouse's benefit is reduced by 5.
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 1^st, you should refer to the previous year. If you were born on the 1^st of the month, we figure your benefit (and your full retirement age) as if your birthday was in the previous month. If you were born on January 1^st, we figure your benefit (and your full retirement age) as if your birthday was in December of the previous year. 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 percent of the benefit the worker would receive at full retirement age. The percent reduction for the spouse should be applied after the automatic 50 percent reduction. Percentages are approximate due to rounding.

Before You Make Your Decision

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 will be reduced. Each person's situation is different. It is important to remember:

If you delay your benefits until after full retirement age, you will be eligible for delayed retirement credits that would increase your monthly benefit.
That there are other things to consider when making the decision about when to begin receiving your retirement benefits.

If you decide to delay your benefits until after age 65, you should still apply for Medicare benefits within three months of your 65th birthday. If you wait longer, your Medicare medical insurance (Part B) and prescription drug coverage (Part D) may cost you more money.