Reduction Months

If a claimant begins taking retirement benefits before his full retirement age, the benefit is permanently reduced and the months he received reduced payments are the reduction months. If a claimant opts to receive retirement benefits before his full retirement age, the amount of the benefit will be reduced. The full retirement age depends on when he was born. If the claimant decides to start his benefits early, the reduction will be 5/9 of 1% for every month, up to 36 months early. That works out to 6.67% per year.

Fast Facts

  • People who qualify for social security retirement benefits can begin receiving those benefits in the month after they reach age 62, or any month after that, even though they won't reach full retirement age for a few more years.
  • People who qualify for social security retirement benefits can begin receiving those benefits in the month after they reach age 62, or any month after that, even though they won't reach full retirement age for a few more years.

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