Full retirement age

Here's how it works if your full retirement age is 67.

• If you start your retirement benefits at age 62, your monthly benefit amount is reduced by about 30 percent. The reduction for starting benefits at age

  • 63 is about 25 percent;
  • 64 is about 20 percent;
  • 65 is about 13.3 percent; and
  • 66 is about 6.7 percent.
     

• If you start receiving spouse's benefits at age 62, your monthly benefit amount is reduced to about 32.5 percent of the amount your spouse would receive if his or her benefits started at full retirement age. (The reduction is about 67.5 percent.) The reduction for starting benefits as a spouse at age

  • 63 is about 65 percent;
  • 64 is about 62.5 percent;
  • 65 is about 58.3 percent;
  • 66 is about 54.2 percent; and
  • 67 is 50 percent (the maximum benefit amount).