What is the Full Retirement Age for Social Security?

FRA is 67 for anyone born in 1960 or later. For those born 1943-1954: FRA is 66. Born 1955-1959: FRA increases by 2 months per year from 66y2m to 66y10m.

How much is Social Security reduced if claimed at 62?

If FRA is 67, claiming at 62 reduces benefits by 30%: 5/9 of 1% per month for the first 36 months below FRA, then 5/12 of 1% per month for months beyond. Maximum reduction at 62 = 30%.

What is the benefit increase for claiming at 70?

Benefits increase 8% per year (2/3 of 1% per month) for each year you delay past FRA up to age 70. With FRA at 67, claiming at 70 yields 24% more (3 years x 8%).

What is the Social Security break-even analysis?

Break-even is the age at which cumulative benefits from the later claiming date surpass cumulative benefits from the earlier date. For 62 vs 70 claiming, break-even is approximately age 80-81. If you live longer, delaying wins.

What is the Social Security AIME?

Average Indexed Monthly Earnings (AIME) is the average of your 35 highest-earning years (indexed for wage inflation). Bend points then determine the PIA (Primary Insurance Amount) using a progressive formula: 90% of first $1,174, 32% of next $5,904, 15% above.

US Social Security Benefit Estimate: FRA vs Early vs Delayed Calculator

Estimate Social Security benefits at Full Retirement Age (FRA: 67 for born 1960+), early at 62 (reduced by 30%), and delayed to 70 (increased by 24%). Break-even analysis for optimal claiming age.

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$ Finance Disclaimer: These calculators are for educational and illustrative purposes only. Results do not constitute financial advice. Consult a licensed financial advisor before making investment or borrowing decisions.

How to Use

Enter the values for the scenario you are assessing. Estimate Social Security benefits at Full Retirement Age (FRA: 67 for born 1960+), early at 62 (reduced by 30%), and delayed to 70 (increased by 24%). Break-even analysis for optimal claiming age. Use the social security benefit estimate result to inform your calculation.

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US Social Security Benefit Estimate: FRA vs Early vs Delayed Calculator

How to Use

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Frequently Asked Questions

What is the Full Retirement Age for Social Security?

How much is Social Security reduced if claimed at 62?

What is the benefit increase for claiming at 70?

What is the Social Security break-even analysis?

What is the Social Security AIME?