Social Security Full Retirement Age (FRA) by birth year
| Birth Year | Full Retirement Age |
|---|---|
| 1943–1954 | 66 years |
| 1955 | 66 years, 2 months |
| 1956 | 66 years, 4 months |
| 1957 | 66 years, 6 months |
| 1958 | 66 years, 8 months |
| 1959 | 66 years, 10 months |
| 1960 and later | 67 years |
How early and delayed claiming works
Claiming before FRA permanently reduces your monthly benefit by 5/9 of 1% per month for the first 36 months before FRA, and 5/12 of 1% per month beyond that. Claiming at 62 (the earliest possible age) reduces benefits by 25–30% depending on your FRA.
Delaying past FRA earns you Delayed Retirement Credits (DRC) of 8% per year (2/3 of 1% per month) up to age 70. Waiting until 70 can increase your benefit by 24–32% above FRA benefit.
FAQ
The break-even age is when the cumulative lifetime benefits from a delayed claiming strategy equal those from an earlier strategy. For example, if claiming at 67 instead of 62 means you receive less total benefit for the first ~12 years but more each month, the break-even is the age at which total lifetime receipts become equal. Typically, the break-even between 62 and FRA is around 77–79. If you live past that age, waiting pays more total lifetime benefit.
This depends on your health, expected longevity, financial need, marital status, and other income sources. No calculator can answer this definitively. The SSA's Social Security is "actuarially neutral" — the total lifetime benefit is designed to be similar regardless of when you claim, assuming average life expectancy. Claiming later pays more per month but requires living long enough to recoup the foregone early benefits.
Sources
- Social Security Administration. "Retirement Benefits." SSA Publication No. 05-10035, 2024.
- SSA. "Delayed Retirement Credits." ssa.gov/planners/retire/delayedret.html
- SSA. "Full Retirement Age." ssa.gov/planners/retire/retirechart.htm