Your retirement age is the age you begin receiving Social Security retirement benefits. For many people, this is not the same age you’ll stop working. The age you stop working can affect the amount of your Social
Security retirement benefits. We base your retirement benefit on your highest 35 years of earnings and the age you start receiving benefits. If you stop work before you start receiving benefits and you have less than 35 years of earnings, your benefit amount is affected. We use a zero for each year without earnings when we calculate the amount of retirement benefits you are due. Years with no earnings reduces
your retirement benefit amount. Even if you have 35 years of earnings when you stopped working, some of those years may be low-earning years. When you file for retirement benefits, those years are averaged into your calculation, creating a lower benefit. However, if you had continued to work, your low earning years are replaced with your high earning years. Higher earnings increase your benefit amount. You can stop working before your full retirement age and receive reduced benefits. The earliest age you can start receiving retirement benefits is age 62. If you file for benefits when you reach full retirement age, you will receive full retirement benefits. If You Stop Work After Full Retirement AgeIf you choose to work beyond your full retirement age, you have two options:
The normal retirement age (NRA) is the age at which retirement benefits (before rounding) are equal to the "primary insurance amount." The table below shows how NRA varies by year of birth for retirees. Normal Retirement Age . We have a calculator that computes the percentage reduction or percentage increase in benefits for retirees when selecting early or delayed retirement. We have a similar calculator for reduced spousal benefits. Please note that neither of these calculators should be used for survivor benefits. When To Start Receiving Retirement Benefits Benefit calculators How we calculate benefits Workers planning for their retirement should be aware that retirement benefits depend on age at retirement. If a worker begins receiving benefits before his/her normal (or full) retirement age, the worker will receive a reduced benefit. A worker can choose to retire as early as age 62, but doing so may result in a reduction of as much as 30 percent. Starting to receive benefits after normal retirement age may result in larger benefits. With delayed retirement credits, a person can receive his or her largest benefit by retiring at age 70. Early retirement reduces benefits In the case of early retirement, a benefit is reduced 5/9 of one percent for each month before normal retirement age, up to 36 months. If the number of months exceeds 36, then the benefit is further reduced 5/12 of one percent per month. For example, if the number of reduction months is 60 (the maximum number for retirement at 62 when normal retirement age is 67), then the benefit is reduced by 30 percent. This maximum reduction is calculated as 36 months times 5/9 of 1 percent plus 24 months times 5/12 of 1 percent. Delayed retirement increases benefits Delayed retirement credit is generally given for retirement after the normal retirement age. To receive full credit, you must be insured at your normal retirement age. No credit is given after age 69. If you retire before age 70, some of your delayed retirement credits will not be applied until the January after you start benefits. The calculator below gives you the amount with all credits applied for comparison purposes. Delayed retirement credits increase a retiree's benefits. The table below shows the delayed retirement credit by year of birth. Compute the effect of early or delayed retirement If you enter your date of birth and the effective month for beginning your benefits, we will tell you the effect of early or delayed retirement as a percentage of your primary insurance amount. Please note that benefits are generally paid in the month following the effective month. Annual delayed retirement credit percentage varies from 3% to 8% by year of birth Delayed retirement credit
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Early retirement social security retirement age chart
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