Social Security Q&A

Question: What is "full retirement age" and what happens if I apply for Social Security benefits before then?

Answer: Full retirement age is the age when you are eligible to receive Social Security retirement benefits without a reduction in your benefits. If you were born before 1938, your full retirement age is 65. If you were born in 1938 or after, your full retirement age will be higher, depending on the year you were born. You can find your full retirement age at www.socialsecurity.gov/retire2/retirechart.htm.

If you decide to apply for retirement benefits before your full retirement age (as early as age 62), your benefits will be reduced. For example, here's how it would work if your full retirement age is 66:

If you start your retirement benefits at age 62, your monthly benefit amount is reduced by about 25 percent. The reduction for starting benefits at age:

63 is about 20 percent;

64 is about 13.3 percent; and

65 is about 6.7 percent.

You can learn more by visiting www.socialsecurity.gov.

Question: I am nearing my full retirement age, but I plan to keep working after I apply for Social Security benefits. Will my benefits be reduced because of my income?

Answer: No. If you apply for benefits once you've reached your full retirement age, you can work while you receive Social Security and your current benefit will not be reduced because of the earned income. If you keep working, it could mean a higher benefit for you in the future. Higher benefits can be important to you later in life and increase the future benefit amounts your survivors could receive. If you receive benefits before your full retirement age, your earnings could reduce your monthly benefit amount. After you reach full retirement age, we recalculate your benefit amount to leave out the months when we reduced or withheld benefits due to your excess earnings. You can learn more by reading our publication, How Work Affects Your Benefits, at www.socialsecurity.gov/pubs/10069.html.

This column was prepared by the Social Security Administration. For fast answers to specific Social Security questions, contact Social Security toll-free at 800-772-1213.