Full retirement age is the age at which a person may first become entitled to full or unreduced retirement benefits.

No matter what your full retirement age (also called "normal retirement age") is, you may start receiving benefits as early as age 62 or as late as age 70.

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
65
36
$800
20.00%
$375
25.00%
65 and 2 months
38
$791
20.83%
$370
25.83%
65 and 4 months
40
$783
21.67%
$366
26.67%
65 and 6 months
42
$775
22.50%
$362
27.50%
65 and 8 months
44
$766
23.33%
$358
28.33%
65 and 10 months
46
$758
24.17%
$354
29.17%
66
48
$750
25.00%
$350
30.00%
66 and 2 months
50
$741
25.83%
$345
30.83%
66 and 4 months
52
$733
26.67%
$341
31.67%
66 and 6 months
54
$725
27.50%
$337
32.50%
66 and 8 months
56
$716
28.33%
$333
33.33%
66 and 10 months
58
$708
29.17%
$329
34.17%
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 your benefit (and your full retirement age) as if your birthday was in the previous month. If you were born on January 1st, we figure your benefit (and your full retirement age) as if your birthday was in December of the previous year.
  3. You must be at least 62 for the entire month to receive benefits.
  4. Percentages are approximate due to rounding.
  5. 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 or late retirement will give you about the same total Social Security benefits over your lifetime. If you retire early, the monthly benefit amounts will be smaller to take into account the longer period you will receive them. If you retire late, you will get benefits for a shorter period of time but the monthly amounts will be larger to make up for the months when you did not receive anything.

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 reduced. Each person's situation is different, so

ALERT

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.