Social Security Choices

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The Cost Of Claiming Benefits Early

If you claim benefits before your full retirement age (FRA), you incur a penalty: your benefits are reduced. The annual reduction pattern for those born between 1943 and 1954 is the following:

Reductions in Full Retirement Age Benefit from Claiming Early
Age of Claim Benefit Reduction Example: $1000 Full Monthly Benefit
62 -25% $750
63 -20% $800
64 -13.33% $866.67
65 -6.67% $933.33

The majority of Social Security claimants take their benefits early, and for many, it is the wrong decision. Order a custom benefit analysis to learn how claiming benefits early will impact you.