Full Retirement Age for Getting Social Security

It is important to know your full retirement age, as it affects when you can claim Social Security without reducing your benefits. It also impacts the amount of delayed retirement credits you can earn to raise your benefits and how much you can earn from working while receiving Social Security without forfeiting any of your benefits.

Social Security full retirement age chart

The chart below shows the full retirement age for people born at different times.

How does full retirement age affect your Social Security benefits?

If you claim your benefits at full retirement age, you will receive your standard Social Security benefit amount. If you claim prior to FRA, you will be subject to early filing penalties that reduce your benefit by the following amounts:

• Five-ninths of 1% for each of the first 36 months before FRA
• Five-twelfths of 1% for each subsequent month before FRA

This amounts to a 6.66% annual reduction for each of the first three years and an additional 5% reduction for each following year before FRA. For example, if you claim benefits at 62 with an FRA of 67, you will face a full 30% reduction in benefits.

By contrast, if you claim benefits after FRA, you receive delayed retirement credits valued at two-thirds of 1% per month. This results in an 8% annual increase to your monthly benefit. You can earn delayed retirement credits until age 70. After that, there's no financial benefit in delaying your claim. Delayed retirement credits cannot be earned if you are claiming either spousal benefits or survivor benefits.

Working after full retirement age

Retirees may work while collecting Social Security benefits, but those younger than their FRA will be subject to the retirement earnings test (RET). Under this test, if your earnings exceed a certain limit (which changes annually), you will temporarily forfeit some or all of your benefits. Once you reach full retirement age, your benefit is recalculated, and you may receive most of that money back.

Other key questions about full retirement age

There are a few additional key points to consider regarding full retirement age.

1. Do survivor benefits increase after full retirement age?

If you are the surviving spouse who is claiming benefits based on your deceased partner's work record, there is no benefit to waiting until after full retirement age to claim your benefits. You do not earn delayed retirement credits in this case, so your benefit will not increase.

However, if you are the higher-earning spouse, delaying your claim for benefits until after FRA can result in your widow(er) receiving more monthly income, as your widowed partner will receive the higher of the two monthly benefits you were each receiving.

FAQ