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The Effect of Early or Delayed Retirement on Social Security Retirement Benefits

Normal Retirement Age (NRA) is the age at which full Social Security retirement benefits — 100% of an individual's Primary Insurance Amount (PIA) — are available.

Retirement benefit as a percentage of the Primary Insurance Amount at various ages

			Benefit as a % of PIA at Age
Year of birth	Normal retirement age (NRA)	Credit for each year of delayed retirement after NRA (percent)	62	63	64	65	66	67	70
1924	65	3	80	86 2/3	93 1/3	100	103	106	115
1925–1926	65	3 1/2	80	86 2/3	93 1/3	100	103 1/2	107	117 1/2
1927–1928	65	4	80	86 2/3	93 1/3	100	104	108	120
1929–1930	65	4 1/2	80	86 2/3	93 1/3	100	104 1/2	109	122 1/2
1931–1932	65	5	80	86 2/3	93 1/3	100	105	110	125
1933–1934	65	5 1/2	80	86 2/3	93 1/3	100	105 1/2	111	127 1/2
1935–1936	65	6	80	86 2/3	93 1/3	100	106	112	130
1937	65	6 1/2	80	86 2/3	93 1/3	100	106 1/2	113	132 1/2
1938	65, 2 mos	6 1/2	79 1/6	85 5/9	92 2/9	98 8/9	105 5/12	111 11/12	131 5/12
1939	65, 4 mos	7	78 1/3	84 4/9	91 1/9	97 7/9	104 2/3	111 2/3	132 2/3
1940	65, 6 mos	7	77 1/2	83 1/3	90	96 2/3	103 1/2	110 1/2	131 1/2
1941	65, 8 mos	7 1/2	76 2/3	82 2/9	88 8/9	95 5/9	102 1/2	110	132 1/2
1942	65, 10 mos	7 1/2	75 5/6	81 1/9	87 7/9	94 4/9	101 1/4	108 3/4	131 1/4
1943–1954	66	8	75	80	86 2/3	93 1/3	100	108	132
1955	66, 2 mos	8	74 1/6	79 1/6	85 5/9	92 2/9	98 8/9	106 2/3	130 2/3
1956	66, 4 mos	8	73 1/3	78 1/3	84 4/9	91 1/9	97 7/9	105 1/3	129 1/3
1957	66, 6 mos	8	72 1/2	77 1/2	83 1/3	90	96 2/3	104	128
1958	66, 8 mos	8	71 2/3	76 2/3	82 2/9	88 8/9	95 5/9	102 2/3	126 2/3
1959	66, 10 mos	8	70 5/6	75 5/6	81 1/9	87 7/9	94 4/9	101 1/3	125 1/3
1960 and later	67	8	70	75	80	86 2/3	93 1/3	100	124

Figures are the retirement benefit as a percentage of the Primary Insurance Amount (PIA), by year of birth and the age benefits are claimed. Source: Social Security Administration.

Notes

PIA is calculated by the Social Security Administration (SSA) based on a person's lifetime earnings record. The SSA adjusts, or "indexes," actual earnings to account for changes in average wages since the year the earnings were received, then calculates average indexed monthly earnings using the 35 years in which the person earned the most.
For people born in 1938 and later, the percentage reduction for claiming early is 5/9 of 1% per month for the first 36 months, and 5/12 of 1% for each additional month.
The reduction for taking spousal benefits early is different from the reduction for taking retirement benefits early.

Source: Robert Wright, NSAA® CRC® CPFA®, RCW Retirement Services — data from the Social Security Administration.