Last updated: March 30, 2026
Your Full Retirement Age (FRA) is when you qualify for 100% of your Social Security benefit. It ranges from 66 to 67 depending on your birth year. Claiming before FRA permanently reduces your benefit; delaying past FRA increases it by 8% per year up to age 70.
Full Retirement Age Chart by Birth Year
Use this chart to find your exact Full Retirement Age based on when you were born:
| Birth Year | Full Retirement Age | Reduction at 62 | Benefit at 70 (% of FRA) |
|---|---|---|---|
| 1943-1954 | 66 | 25.0% | 132% |
| 1955 | 66 and 2 months | 25.83% | 130.67% |
| 1956 | 66 and 4 months | 26.67% | 129.33% |
| 1957 | 66 and 6 months | 27.5% | 128% |
| 1958 | 66 and 8 months | 28.33% | 126.67% |
| 1959 | 66 and 10 months | 29.17% | 125.33% |
| 1960 or later | 67 | 30.0% | 124% |
Source: Social Security Administration
What Happens if You Claim Social Security Early?
You can start collecting Social Security as early as age 62, but your benefit is permanently reduced. The reduction is 5/9 of 1% for each month before FRA (up to 36 months), then 5/12 of 1% for each additional month beyond that.
Here’s what that looks like in real dollars:
| Claiming Age | Monthly Benefit (FRA = 67, $2,000 FRA benefit) | Reduction from FRA |
|---|---|---|
| 62 | $1,400 | -30.0% |
| 63 | $1,500 | -25.0% |
| 64 | $1,600 | -20.0% |
| 65 | $1,733 | -13.3% |
| 66 | $1,867 | -6.7% |
| 67 (FRA) | $2,000 | 0% |
| 68 | $2,160 | +8.0% |
| 69 | $2,320 | +16.0% |
| 70 (maximum) | $2,480 | +24.0% |
Someone born in 1960 or later with an FRA benefit of $2,000/month would get just $1,400 at age 62, but $2,480 at age 70. That’s a 77% difference in monthly income for life.
What Happens if You Delay Past Full Retirement Age?
For every year you delay claiming Social Security beyond your FRA (up to age 70), your benefit increases by 8% per year through delayed retirement credits. After age 70, there’s no further increase, so there’s no financial reason to wait past 70.
The 8% annual increase is one of the best guaranteed returns available anywhere. For comparison, a top-performing 5-year MYGA currently pays around 5.5-6.0%.
How Social Security and Annuities Work Together
Many retirees use annuities to bridge the income gap between retirement and age 70, allowing them to delay Social Security and lock in a higher lifetime benefit. Here’s how that strategy works:
- Retire at 62-65: Use a SPIA (immediate annuity) or MYGA withdrawals to cover living expenses
- Delay Social Security to 70: Your benefit grows 8% per year while the annuity covers the gap
- Result: A permanently higher Social Security check for the rest of your life, plus any remaining annuity value
Example: Linda, age 63, retires with $200,000 in savings and a projected Social Security benefit of $1,800/month at her FRA of 67. Instead of claiming early at 63 (which would reduce her benefit to about $1,350/month), she buys a 7-year MYGA and uses the interest plus small withdrawals to cover her expenses. At 70, she claims Social Security at $2,232/month – $882 more per month than if she’d claimed at 63. Over a 20-year retirement, that’s over $211,000 in additional income.
Working While Collecting Social Security Before FRA
If you claim Social Security before your FRA and continue working, the earnings test may temporarily reduce your benefit:
- Under FRA for the entire year: SSA deducts $1 for every $2 you earn above $23,400 (2025 limit, adjusted annually for inflation)
- Year you reach FRA: SSA deducts $1 for every $3 you earn above $62,160 (2025 limit) in the months before your birthday
- After reaching FRA: No earnings limit. You can earn any amount with no reduction.
The withheld benefits aren’t lost forever. SSA recalculates your benefit at FRA and increases it to account for the months benefits were withheld.
Spousal and Survivor Benefits
Spousal benefits
A spouse can receive up to 50% of the higher-earning spouse’s FRA benefit, even if they never worked. To qualify:
- You must be at least 62 (or caring for a qualifying child)
- Your spouse must have already filed for their own benefit
- If you claim spousal benefits before your own FRA, the amount is reduced
Divorced spouse benefits
If your marriage lasted at least 10 years and you haven’t remarried, you may be eligible for benefits based on your ex-spouse’s record. Your ex doesn’t need to have filed, and they won’t be notified. The benefit is up to 50% of their FRA amount.
Survivor benefits
A surviving spouse can receive up to 100% of the deceased spouse’s benefit starting at age 60 (or 50 if disabled). If the deceased spouse delayed past FRA, the survivor gets the higher delayed amount. This is one reason delaying Social Security is especially valuable for married couples.
2026 Social Security Key Numbers
| Item | 2026 Amount |
|---|---|
| Maximum monthly benefit at FRA | $4,018 |
| Maximum monthly benefit at 70 | $5,108 |
| Average monthly benefit (retired worker) | $1,976 |
| COLA increase for 2026 | 2.5% |
| Earnings test limit (under FRA) | $23,400 |
| Earnings test limit (year of FRA) | $62,160 |
| Maximum taxable earnings | $176,100 |
Source: SSA 2026 COLA Fact Sheet
Frequently Asked Questions
What is Full Retirement Age?
Full Retirement Age (FRA) is the age at which you’re entitled to 100% of your Social Security retirement benefit. It’s 66 for people born 1943-1954, gradually increases to 66 and 10 months for those born 1955-1959, and is 67 for anyone born 1960 or later.
Can I collect Social Security at 62 and still work?
Yes, but if you earn more than $23,400 (2025 limit), SSA will temporarily withhold $1 for every $2 over the limit. Once you reach FRA, the earnings test goes away and your benefit is recalculated upward to credit you for the withheld months.
Is it better to take Social Security early or wait?
It depends on your health, other income sources, and whether you’re married. Generally, delaying to 70 maximizes lifetime income if you live past your late 70s. For married couples, delaying the higher earner’s benefit is almost always a good idea because of survivor benefits.
How does Social Security work with an annuity?
Many retirees use a fixed annuity (MYGA) or SPIA to create income during their early retirement years, allowing them to delay Social Security to age 70 and lock in a higher lifetime benefit. An annuity can serve as a “bridge” between early retirement and maximum Social Security.
Does my Social Security benefit increase after age 70?
No. Delayed retirement credits stop accruing at age 70. After 70, your benefit only increases through annual cost-of-living adjustments (COLA), not through additional delayed credits. There’s no financial advantage to waiting past 70 to claim.
