Table 1. Social Security Eligibility: Ages for Full Retirement Benefits, and Reductions and Credits for Early and Delayed Benefits
Year
of
Birth*
Year
Individual
Turns 62
Full
Retirement
Age
(FRA)
Per Month
Reduction
If Benefits
Begin Prior
to FRA
Age 62
Benefits as
% of
FRA
Benefits
Per Year
Delayed
Retirement
Credits
Age 70
Benefits
as % of
FRA
Benefits
1936 or prior 1998 or prior 65 5/9% 80% 6% 130%
1937 1999 65 5/9% 80% 6½% 132½%
1938 2000 65 and 2 mos. 5/9% for 36 mos. + 5/12%/mo.** 79 1/6% 6½% 131 5/12%
1939 2001 65 and 4 mos. 5/9% for 36 mos. + 5/12%/mo.** 78 1/3% 7% 132 2/3%
1940 2002 65 and 6 mos. 5/9% for 36 mos. + 5/12%/mo.** 77½% 7% 131½%
1941 2003 65 and 8 mos. 5/9% for 36 mos. + 5/12%/mo.** 762/3% 7½% 132½%
1942 2004 65 and 10 mos. 5/9% for 36 mos. + 5/12%/mo.** 75 5/6% 7½% 131¼%
1943–54 2005–16 66 5/9% for 36 mos. + 5/12%/mo.** 75% 8% 132%
1955 2017 66 and 2 mos. 5/9% for 36 mos. + 5/12%/mo.** 74 1/6% 8% 130 2/3%
1956 2018 66 and 4 mos. 5/9% for 36 mos. + 5/12%/mo.** 73 1/3% 8% 129 1/3%
1957 2019 66 and 6 mos. 5/9% for 36 mos. + 5/12%/mo.** 72½% 8% 128%
1958 2020 66 and 8 mos. 5/9% for 36 mos. + 5/12%/mo.** 71 2/3% 8% 126 2/3%
1959 2021 66 and 10 mos. 5/9% for 36 mos. + 5/12%/mo.** 70 5/6% 8% 125 1/3%
1960 or later 2022 or later 67 5/9% for 36 mos. + 5/12%/mo.** 70% 8% 124%
*Social Security considers people born on January 1 to have been born in the prior year. **The monthly reduction is 5/9% for the first 36 months prior to Full Retirement Age, and 5/12% for every month after the first 36 months.

Source: Jennings and Reichenstein, "Estimating the Value of Social Security Retirement Benefits," Journal of Wealth Management, Winter 2001, p. 14–29.