The Social Security Administration determines an individual’s Full Retirement Age (FRA) based upon your year of birth as follows: Year of birth full retirement age:

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1943-54  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+  67

Why is This Important? Your FRA is the age at which you will receive your Primary Insurance Amount (PIA), or your unreduced Social Security benefits. If you elect to receive your Social Security benefits prior to your FRA (can receive as early as age 62), your benefits will be reduced as follows: 5/9 of 1% for each of the 1st 36 months before FRA 5/12 of 1% for each of the next 12 months.


 

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Reduction Factors for Claiming Benefits Before FRA: If you start receiving your SS Benefits before your FRA, you will receive a percentage of your PIA as follows: Age Start Receiving SS: A. If FRA = 66 B. If FRA = 67

62 A. 75.0%B. 70.0%

63 A. 80.0%B. 75.0%

64 A. 86.7%B. 80.0 %

65 A. 93.3%B. 86.7%

66 A. 100%B. 93.3%

67 A.  B. 100%