What is Full Retirement Age (FRA)?

Your Full Retirement Age (FRA) is the official age at which you are eligible to receive 100% of your primary insurance benefit amount from the Social Security Administration (SSA).

If you claim before reaching this age, your monthly check is permanently reduced. If you claim after reaching this age (up to age 70), your monthly check is permanently increased.

How Your Birth Year Determines Your FRA

Your FRA is set by law based on the year you were born:

  • Born 1943 to 1954: Your Full Retirement Age is 66.
  • Born 1955: Your Full Retirement Age is 66 and 2 months.
  • Born 1956: Your Full Retirement Age is 66 and 4 months.
  • Born 1957: Your Full Retirement Age is 66 and 6 months.
  • Born 1958: Your Full Retirement Age is 66 and 8 months.
  • Born 1959: Your Full Retirement Age is 66 and 10 months.
  • Born 1960 or later: Your Full Retirement Age is 67.

The Impact of Claiming Early

You can choose to claim retirement benefits as early as age 62. However, doing so reduces your benefits significantly:

  1. If your FRA is 67: Claiming at age 62 reduces your monthly check by 30% permanently.
  2. If your FRA is 66: Claiming at age 62 reduces your monthly check by 25% permanently.

For example, if your 100% benefit amount is $2,000 at age 67, claiming at age 62 would reduce your check to $1,400 per month.

The Benefit of Waiting (Delayed Credits)

For every year you wait to claim past your FRA (up to age 70), your monthly benefit increases by 8% per year.

  • If your FRA is 67: Waiting until age 70 increases your monthly check by 24% permanently.
  • If your FRA is 66: Waiting until age 70 increases your monthly check by 32% permanently.

Using the same example, if your benefit is $2,000 at age 67, waiting until age 70 increases your check to $2,480 per month. There is no additional benefit to waiting past age 70.