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Deciding When to Start Social Security Benefits ...

When you reach age 62, you must decide when to start taking Social Security benefits. If you elect to start at age 62 (early) you will receive a reduced benefit which varies depending on age. Below is a handy table from which you can determine the percentage of benefits that you would receive based on your date of birth and age of receiving benefits.

In making this determination you must consider the tax ramifications. At certain income levels, Social Security becomes partially taxable. Prior to age 65, if you have wages and are receiving Social Security benefits, you may be required to return a portion of the benefits to the Social Security Administration.

Benefit, as a percentage of Primary Insurance Amount (PIA), payable at ages 62-67 and age 70

Year
of birth
Normal
Retirement
Age (NRA)
Credit for each year of delayed retirement after NRA (percent) Benefit, as a percentage of PIA, beginning at age--
62 63 64 65 66 67 70
1924 65 3 80 86 2/3 93 1/3 100 103 106 115
1925-26 65 3 1/2 80 86 2/3 93 1/3 100 103 1/2 107 117 1/2
1927-28 65 4 80 86 2/3 93 1/3 100 104 108 120
1929-30 65 4 1/2 80 86 2/3 93 1/3 100 104 1/2 109 122 1/2
1931-32 65 5 80 86 2/3 93 1/3 100 105 110 125
1933-34 65 5 1/2 80 86 2/3 93 1/3 100 105 1/2 111 127 1/2
1935-36 65 6 80 86 2/3 93 1/3 100 106 112 130
1937 65 6 1/2 80 86 2/3 93 1/3 100 106 1/2 113 132 1/2
1938 65, 2 mo. 6 1/2 79 1/6 85 5/9 92 2/9 98 8/9 105 5/12 111 11/12 131 5/12
1939 65, 4 mo. 7 78 1/3 84 4/9 91 1/9 97 7/9 104 2/3 111 2/3 132 2/3
1940 65, 6 mo. 7 77 1/2 83 1/3 90 96 2/3 103 1/2 110 1/2 131 1/2
1941 65, 8 mo. 7 1/2 76 2/3 82 2/9 88 8/9 95 5/9 102 1/2 110 132 1/2
1942 65, 10 mo. 7 1/2 75 5/6 81 1/9 87 7/9 94 4/9 101 1/4 108 3/4 131 1/4
1943-54 66 8 75 80 86 2/3 93 1/3 100 108 132
1955 66, 2 mo. 8 74 1/6 79 1/6 85 5/9 92 2/9 98 8/9 106 2/3 130 2/3
1956 66, 4 mo. 8 73 1/3 78 1/3 84 4/9 91 1/9 97 7/9 105 1/3 129 1/3
1957 66, 6 mo. 8 72 1/2 77 1/2 83 1/3 90 96 2/3 104 128
1958 66, 8 mo. 8 71 2/3 76 2/3 82 2/9 88 8/9 95 5/9 102 2/3 126 2/3
1959 66, 10 mo. 8 70 5/6 75 5/6 81 1/9 87 7/9 94 4/9 101 1/3 125 1/3
1960 and later 67 8 70 75 80 86 2/3 93 1/3 100 124
Note: Persons born on January 1 of any year should refer to the previous year of birth.

In need of accounting services? Please contact our office to talk to one of our professionals about your accounting needs and how we may be of service.

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