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.
Bassman, Adelman & Weiss, PC
630 Sentry Parkway East, Suite 200
Blue Bell, PA 19422
voice: 215-628-0420
fax: 215-628-3461
email: Bassman, Adelman & Weiss
print: driving directions