67FRA if born 1960 or later
-30%Claiming at 62 when FRA is 67
+24%Claiming at 70 when FRA is 67
62 to 70Range you can choose
Full retirement age chart
| Year of birth | Full retirement age |
|---|---|
| 1943 to 1954 | 66 |
| 1955 | 66 and 2 months |
| 1956 | 66 and 4 months |
| 1957 | 66 and 6 months |
| 1958 | 66 and 8 months |
| 1959 | 66 and 10 months |
| 1960 or later | 67 |
If you were born on January 1, SSA treats you as born in the previous year for this purpose.
How claiming age changes your check (FRA of 67)
| Claim at | Share of full benefit | If full benefit is $2,000 |
|---|---|---|
| 62 | 70% | $1,400 |
| 63 | 75% | $1,500 |
| 64 | 80% | $1,600 |
| 65 | 86.7% | $1,734 |
| 66 | 93.3% | $1,866 |
| 67 | 100% | $2,000 |
| 68 | 108% | $2,160 |
| 69 | 116% | $2,320 |
| 70 | 124% | $2,480 |
The math behind the numbers
Claiming early: your benefit is cut by 5/9 of 1% for each of the first 36 months before FRA, and 5/12 of 1% for each additional month. For someone with an FRA of 67 claiming at 62 (60 months early), that is 20% plus 10%, a 30% reduction.
Claiming late: for each month you wait past FRA, your benefit grows by 2/3 of 1%, which is 8% per year, until age 70. Waiting past 70 adds nothing.
Example: With a $2,000 full benefit, claiming at 62 pays $1,400 a month and claiming at 70 pays $2,480. That is $1,080 more every month for the rest of your life, in exchange for waiting eight years. Use the break-even calculator to see where the crossover falls for your life expectancy.
FRA is not the Medicare age. Medicare eligibility starts at 65 no matter what your full retirement age is. Survivor benefits use a slightly different age schedule, covered on the survivor benefits page.