fsgmichigan.com
17
The year you were
born determines
your FRA. Take a look
at the chart below
to see what age you
can claim your FRA
benefit amount. You
can also claim your
benefits as early as
62 or as late as 70.
All other things being
equal, the longer you
delay benefits, the
higher your benefit
will be for life. This
increase in benefit is calculated on a monthly basis. Meaning for every month you wait to
claim benefits your monthly benefit amount will go up. Take a look at the graph below,
and you will see how benefits increase over time if you delay. For all of my examples
below, I am going to assume an FRA of 66.
Collection Age Impacts Benefits
150%
125%
100%
50%
Collect
at Age
62
Collect
at Age
63
Collect
at Age
64
Collect
at Age
65
Collect
at Age
66
Collect
at Age
67
Collect
at Age
68
Collect
at Age
69
Collect
at Age
70
75%
Percentage
of
FRA
Benefits
(FRA)
Source: Social Security Administration (www.ssa.gov). Assumes full retirement age of 66 and individual born in 1943 or later. As of 2014.
CHAPTER 3
SOCIAL SECURITY
Full retirement age by year of birth
Year of Birth*
Full (normal) Retirement Age
1937 or earlier
65
1938
65 and 2 months
1939
65 and 4 months
1940
65 and 6 months
1941
65 and 8 months
1942
65 and 10 months
1943-1954
66
1955
66 and 2 months
1956
66 and 4 months
1957
66 and 6 months
1958
66 and 8 months
1959
66 and 10 months
1960 and later
67
*If born on January 1st, refer to the previous year.
