Social Security early retirement reduction chart by month needed - 62 to FRA percentage breakdown
I'm trying to figure out exactly how much my monthly SS retirement benefit will be reduced if I claim before my full retirement age (67). I understand there's roughly a 30% reduction at age 62, but I might not claim that early - maybe at 63 or 64. I need a month-by-month breakdown showing the percentage reduction for EACH month between 62 and 67. I've searched everywhere and only found general statements like "approximately 30% reduction at 62" and "about 8% at 65" but nothing with the specific monthly progression. Does anyone have access to a detailed chart showing reduction percentages month-by-month? (Like 62+1month = 29.58%, 62+2months = 29.17%, etc.) I'm trying to calculate the exact breakeven point for my particular situation and need this level of detail. Thanks for any help!
16 comments
Join the conversation
Nathan Dell
Here's the formula the SSA uses: - For the first 36 months before your FRA: 5/9 of 1% per month (or 6.67% per year) - For months beyond 36 months: 5/12 of 1% per month (or 5% per year) So for FRA of 67, at: - 62 = 30% reduction - 63 = 25% reduction - 64 = 20% reduction - 65 = 13.33% reduction - 66 = 6.67% reduction If you want the month-by-month breakdown, I can work that out for you. Or just divide the yearly reduction into 12 equal parts.
0 coins
Rebecca Johnston
•Thank you, that's helpful. So for months between years, would I just divide evenly? For example, would 63 years and 6 months be exactly halfway between 25% and 20%, so 22.5% reduction? Or is there some other calculation I should use?
0 coins
Maya Jackson
The SSA actually has a calculator on their website that can give you these numbers for your specific situation. You can access it at ssa.gov/benefits/retirement/estimator.html But for a quick reference, here's the month-by-month breakdown for someone with FRA at 67: 62+0mo: 30.00% 62+1mo: 29.58% 62+2mo: 29.17% 62+3mo: 28.75% 62+4mo: 28.33% 62+5mo: 27.92% 62+6mo: 27.50% 62+7mo: 27.08% 62+8mo: 26.67% 62+9mo: 26.25% 62+10mo: 25.83% 62+11mo: 25.42% And it continues at the same rate. Just remember that your break-even point depends on many factors beyond just the reduction percentage.
0 coins
Rebecca Johnston
•This is EXACTLY what I was looking for! Thank you so much. Will the calculator also show me my personal benefit amount at each of these points? I'd like to see the actual dollar values too.
0 coins
Tristan Carpenter
my brother claimed at 62 and regrets it BIG TIME. just saying maybe wait if u can. hes getting like $400 less every month than if he waited til 67!!
0 coins
Amaya Watson
•But that ignores the 5 years of benefits he DID get while people who wait get ZERO! I took mine at 62 and have ZERO regrets because I've already collected over $75,000 that I wouldn't have if I waited. The math isn't as simple as "waiting gets you more"!!!
0 coins
Grant Vikers
I needed this same information last year! Let me tell you, trying to get through to someone at Social Security to explain this was IMPOSSIBLE. Spent hours on hold only to get disconnected. After 3 days of this I found this service called Claimyr (claimyr.com) that got me connected to an SSA agent in under 15 minutes. The agent walked me through all my reduction percentages and even emailed me a personalized chart. They have a video showing how it works at https://youtu.be/Z-BRbJw3puU - saved me days of frustration.
0 coins
Giovanni Martello
•Just want to add that while the monthly breakdown is useful for planning, don't forget that the ACTUAL dollar amount depends on your lifetime earnings record. Two people with the same age could have very different benefit amounts. Make sure you've checked your earnings record in your my Social Security account to confirm all your earnings have been properly recorded before making any decisions.
0 coins
Savannah Weiner
i thought ssa only reduced by whole percentages didnt know they did fractions this is very confusing
0 coins
Maya Jackson
•They actually calculate it quite precisely. The reduction is applied to your Primary Insurance Amount (PIA) on a monthly basis using the formulas mentioned above. It seems confusing but it's just simple math - each month you claim early has a specific percentage reduction that gets applied cumulatively.
0 coins
Tristan Carpenter
my neighbor says if u wait past 67 u get 8% more each year is that right???
0 coins
Nathan Dell
•Yes, that's correct. For each year you delay claiming beyond your FRA up to age 70, you earn Delayed Retirement Credits (DRCs) of 8% per year. That means if your FRA is 67, your maximum benefit increase for waiting until 70 would be 24% (3 years × 8% per year).
0 coins
Rebecca Johnston
Thanks everyone for the great information! I now understand how the reductions work month-by-month. One last question - does the same percentage reduction apply to spousal benefits if my wife claims early, or is that calculated differently?
0 coins
Giovanni Martello
•Spousal benefits have a different reduction schedule. If claiming spousal benefits before FRA, the reduction is 25/36 of 1% for each month for the first 36 months before FRA (about 8.33% per year), and 5/12 of 1% for each additional month (5% per year). At 62, that's about a 35% reduction for spousal benefits, compared to 30% for retirement benefits. And importantly, spousal benefits don't earn delayed retirement credits past FRA - there's no advantage to waiting beyond FRA for spousal benefits.
0 coins
Savannah Weiner
so confusing why cant they just make it simple!!!
0 coins
Rebecca Johnston
•I agree it's complicated! I'm going to use the calculator mentioned above and also try to get a personalized statement. At least now I understand the basic formulas, which helps a lot with my planning. Thanks again everyone.
0 coins