US state pension age calculator

US Social Security Full Retirement Age rules

Full Retirement Age (FRA) is the age at which you are entitled to 100% of your Primary Insurance Amount (PIA). For people born between 1943 and 1954, FRA is 66. It increases in 2-month increments for births between 1955 and 1959, reaching 67 for those born in 1960 or later.

Claiming early at age 62 permanently reduces your monthly benefit by up to 30%, whereas delaying past FRA earns delayed retirement credits of 8% per year up to age 70 (up to a 24% to 32% permanent boost).

Worked example: Social Security FRA and timing

An individual born in 1962 has a Full Retirement Age of 67. If their full monthly benefit is $2,000 at 67, claiming early at 62 reduces it by 30% to $1,400 per month for life. Delaying to 70 increases it by 24% to $2,480 per month.

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