Full Retirement Age (FRA)
Full Retirement Age (FRA) is the age at which a person can receive full, unreduced Social Security retirement benefits - age 67 for those born in 1960 or later.
Exam Tip
FRA for 1960+ = 67. Earliest = 62 (reduced 25-30%). Max = 70 (increased 24-32%). Delayed credits = 8%/year past FRA.
What is Full Retirement Age?
FRA is the age when Social Security benefits are paid at 100% of the Primary Insurance Amount.
FRA by Birth Year
| Birth Year | FRA |
|---|---|
| 1943-1954 | 66 |
| 1955 | 66 and 2 months |
| 1956 | 66 and 4 months |
| 1957 | 66 and 6 months |
| 1958 | 66 and 8 months |
| 1959 | 66 and 10 months |
| 1960+ | 67 |
Impact of Claiming Age
| Age | Effect |
|---|---|
| 62 (earliest) | 25-30% reduction |
| FRA | 100% of PIA |
| 70 | 124-132% of PIA |
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Related Terms
Primary Insurance Amount (PIA)
The Primary Insurance Amount (PIA) is the monthly Social Security benefit a worker receives if they claim benefits at their Full Retirement Age (FRA). It is calculated using a progressive formula applied to the worker's Average Indexed Monthly Earnings (AIME), with three "bend points" that provide higher replacement rates for lower earners.
Delayed Retirement Credits
Delayed Retirement Credits are permanent increases to Social Security benefits for delaying past Full Retirement Age, adding 8% per year up to age 70.
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