Social Security Full Retirement Age

Full Retirement Age (FRA) is a key concept in Social Security planning. It is the age at which you are entitled to receive 100% of your Primary Insurance Amount (PIA) — the monthly benefit calculated based on your highest 35 years of earnings. For people born in 1960 or later, FRA is 67. For those born between 1943 and 1959, FRA gradually increases from 66 to 67.

You can begin claiming Social Security retirement benefits as early as age 62, but doing so permanently reduces your monthly benefit. The reduction is approximately 6.67% per year for the first three years before FRA and 5% per year for any additional years before that. For someone with an FRA of 67 who claims at 62, the permanent reduction is about 30%.

Conversely, delaying your benefit past FRA earns delayed retirement credits of 8% per year, up to age 70. This means that someone with an FRA of 67 who waits until 70 to claim could receive a benefit that is 24% higher than their full benefit amount. After age 70, there is no additional increase for delaying.

The decision of when to claim Social Security involves multiple factors, including your health and life expectancy, other sources of retirement income, spousal benefit considerations, tax implications, and whether you plan to continue working. There is no universally correct answer, but understanding FRA and how the benefit adjustments work is foundational to making an informed decision.

It may be worth exploring how your claiming age interacts with spousal benefits, survivor benefits, and the earnings test if you plan to work while receiving benefits before FRA.