TABLE 1. Eligibility Age for Full Social Security 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 Benefitsas % 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.**	791/6%	6½%	131 5/12%
1939	2001	65 and 4 mos.	5/9% for 36 mos. + 5/12%/mo.**	781/3%	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.**	755/6%	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.**	741/6%	8%	130 2/3%
1956	2018	66 and 4 mos.	5/9% for 36 mos. + 5/12%/mo.**	731/3%	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.**	712/3%	8%	126 2/3%
1959	2021	66 and 10 mos.	5/9% for 36 mos. + 5/12%/mo.**	705/6%	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, pp. 14—39.