Social Security

Early Eligibility Age Beneficiaries in 2050

DEFINITION: The full retirement age (FRA) is the age a beneficiary's full Social Security benefit is payable. The monthly benefit is permanently reduced for every month before FRA that a beneficiary receives benefits. The earliest eligibility age for benefits is 62. Beneficiaries who claim benefits at 62 receive the largest benefit reduction.

In 2050, we project that:

• 59 percent of beneficiaries who start benefits at age 62 will be women.
• The poverty rate will be slightly higher for beneficiaries who start benefits at age 62 compared with beneficiaries who start benefits at 63 or older.
• More beneficiaries who start benefits at age 62 will be in lower earning households compared with beneficiaries who start benefits at age 63 or older.
• Beneficiaries who start benefits at age 62 will have lower median benefits compared with beneficiaries who start benefits at 63 or older.
• Beneficiaries have similar life expectancies regardless of claiming age.

Population Characteristics

Percentage with characteristic

Lifetime Shared Earnings

Percentage of beneficiaries in each earnings quintile

Median Benefit Amount

In 2012 dollars

Median Death Age