Source: https://www.ssa.gov/oact/quickcalc/earlyretire.html
Retrieved 2026-10-02 (page text as rendered in a browser; ssa.gov refuses non-browser clients).

Skip to contentSocial Security Online
Social Security Benefits
www.socialsecurity.gov
Home
FAQs
Contact Us
Search
Search
Actuarial Services
Benefit Reduction for Early Retirement
Benefit Calculators
How we compute retirement benefits
Early or Delayed Retirement
Spousal benefits
We sometimes call a retired worker the primary beneficiary,
because it is upon his/her primary insurance amount
that all dependent and survivor benefits are based.
If the primary begins to receive benefits at his/her normal (or full) retirement
age, the primary will receive 100 percent of the primary insurance amount.
If the spouse of a primary begins to receive benefits at his/her normal
retirement age, the spouse will receive 50 percent of the primary's
primary insurance amount.
The table below illustrates the effect of early retirement, for both a retired worker
and his/her spouse.  For our illustration, we have used a $1,000 primary
insurance amount. With this primary insurance amount and both
primary and spouse retiring at their respective normal retirement ages, the
primary would receive $1,000 per month and his/her spouse would receive $500 per month.
The table shows that retirement at age 62 results in substantial reductions in monthly
benefits. Please note that relatively few people can begin receiving a benefit at
exact age 62 because a person must be 62 throughout the first month of retirement.
Thus most early retirees begin at age 62 and 1 month.
Primary and spousal benefits at age 62
(benefits based on a $1,000 primary insurance amount)
Year ofbirth a
Normal (or full)retirementage
Number
ofreductionmonths b
Primary
Spouse
Amount
Percentreduction c
Amount
Percentreduction d
1937 or earlier
65
36
$800
20.00%
$375
25.00%
1938
65 and 2 months
38
791
20.83%
370
25.83%
1939
65 and 4 months
40
783
21.67%
366
26.67%
1940
65 and 6 months
42
775
22.50%
362
27.50%
1941
65 and 8 months
44
766
23.33%
358
28.33%
1942
65 and 10 months
46
758
24.17%
354
29.17%
1943-1954
66
48
750
25.00%
350
30.00%
1955
66 and 2 months
50
741
25.83%
345
30.83%
1956
66 and 4 months
52
733
26.67%
341
31.67%
1957
66 and 6 months
54
725
27.50%
337
32.50%
1958
66 and 8 months
56
716
28.33%
333
33.33%
1959
66 and 10 months
58
708
29.17%
329
34.17%
1960 and later
67
60
700
30.00%
325
35.00%
a If you are born on January 1, use the prior year of birth.
b Applies only if you are born on the 2nd of the month; otherwise the
number of reduction months is one less than the number shown.
c Reduction applied to primary insurance amount ($1,000 in this example).
The percentage reduction is 5/9 of 1% per month for the first
36 months and 5/12 of 1% for each additional month.
d Reduction applied to $500, which is 50% of the primary insurance amount in this
example. The percentage reduction is 25/36 of 1% per month for the first
36 months and 5/12 of 1% for each additional month.
Privacy Policy
| Website Policies
& Other Important Information
| Site Map
Last reviewed or modified Tuesday Nov 25, 2008
Need
Larger Text?
