Full Retirement Age: Why Birth Year Matters

What is the full retirement age schedule by birth year?

Full retirement age is the age defined in law at which a Social Security retirement benefit is paid without any early-claiming reduction. The Social Security Amendments of 1983 set a gradual increase in FRA from 65 to 67, phased in over two decades. The schedule is fixed and has not changed since that legislation.

For the transitional birth years (1955 through 1959), the FRA increases by 2 months per birth year. Someone born in 1957 has an FRA of exactly 66 years and 6 months. Benefits claimed at exactly that month and year receive the full primary insurance amount, with no reduction and no credit.

What is the difference between claiming at FRA vs. claiming before or after?

Full retirement age is the pivot point of the Social Security benefit calculation. Claiming before FRA triggers a permanent reduction calculated in fractions per month early. Claiming after FRA triggers delayed retirement credits, also calculated per month late. The benchmark benefit (PIA) is what the worker would receive at exactly FRA.

Early claiming reduction rates (for those born in 1960 or later, FRA = 67):

• For each of the first 36 months before FRA: benefit reduced by 5/9 of 1% per month (approximately 6.67% per year).
• For each month beyond 36 months before FRA: benefit reduced by an additional 5/12 of 1% per month (approximately 5% per year).
• Claiming at age 62 (60 months before FRA of 67): total reduction is approximately 30%.

Delayed retirement credits (past FRA, up to age 70):

• 2/3 of 1% per month (8% per year) of the PIA is added for each month claimed after FRA up to age 70.
• For FRA of 67, delaying to age 70 adds approximately 24% to the PIA.
• No credits accumulate after age 70. Claiming at 70 and claiming at 71 produce the same benefit amount.

Once benefits begin, the reduction or credit is permanent and applies to all future payments, including cost-of-living adjustments, which are calculated on top of the reduced or increased base amount.

How do delayed retirement credits accumulate after full retirement age?

Delayed retirement credits accumulate automatically for every month between FRA and age 70 during which an eligible worker has not claimed Social Security retirement benefits. No enrollment or form is required to earn these credits. The Social Security Administration recalculates the benefit monthly as the delay continues.

The credit rate is 2/3 of 1% per month, which annualizes to exactly 8%. For a worker with a PIA of $2,000:

• At FRA (67): $2,000 per month.
• At age 68 (12 months past FRA): $2,000 plus 8% = $2,160 per month.
• At age 69 (24 months past FRA): $2,000 plus 16% = $2,320 per month.
• At age 70 (36 months past FRA): $2,000 plus 24% = $2,480 per month.

Credits stop at age 70. If a worker reaches 70 without claiming, their benefit is set at the maximum delayed amount (FRA benefit plus 24% for FRA of 67). There is no financial reason to delay claiming past age 70 under current law; benefits claimed at 70 and benefits claimed at 71 or later are identical in amount, and the worker forfeits months of uncollected payments for no additional benefit in return.

Delayed credits do not apply to spousal benefits or to survivor benefits in all circumstances. Spousal benefits are capped at 50% of the worker's PIA and do not increase for delay beyond FRA on the spousal claimant's side, though they are reduced for claiming before the spousal claimant's own FRA.

Frequently Asked Questions