Social Security full retirement age (FRA) depends on birth year: from 65 (born 1937 or earlier) to 67 (born 1960 or later). Claiming at 62 cuts the benefit for life.
| Birth | FRA | Cut at 62 | $2,000 → |
|---|---|---|---|
| 1937 or earlier | 65 | 20% | $1,600 |
| 1943–1954 | 66 | 25% | $1,500 |
| 1960 or later | 67 | 30% | $1,400 |
The SSA rule: 5/9% per month for the first 36 months + 5/12% after. Born 1960: 60 months early → 20% + 10% = 30%.
Cases
- Born 1960, $2,000 → FRA 67; at 62: $1,400.
- Born 1950, $2,000 → FRA 66; at 62: $1,500.
- Born 1938, $1,000 → FRA 65+2; at 62: ~$789.
Use the Social Security FRA calculator with your birth year and SSA benefit.