If you were born in 1960 or later, the Social Security Administration sets your full retirement age (FRA) at 67. That’s when you receive 100% of your Primary Insurance Amount — basically the monthly benefit you’ve earned over a lifetime of work.
If you were born between 1943 and 1954, your FRA is 66. For those born from 1955 through 1959, it increases in two-month steps, ranging from 66 years and 2 months to 66 years and 10 months. If you turned 62 in 2026, your full retirement age is 67.
Why does this matter? Because claiming early cuts your check
Many people assume there’s a single retirement age for everyone. That’s not the case. Congress began raising the FRA for people born in 1938, gradually increasing it until it reached 67 for anyone born in 1960 or later. Today, more than half the workforce falls into this group, making 67 the most common full retirement age in 2026.
You can start collecting benefits as early as age 62. However, for every month you claim before your FRA, Social Security permanently reduces your benefit. If your FRA is 67, claiming at 62 means you’re claiming 60 months early, which results in a 30% lifetime reduction.
According to the SSA, the average monthly retirement benefit in 2026 is $2,071. If you claim at 62 instead of waiting until your full retirement age, your monthly check drops to approximately $1,453. That’s a loss of $622 per month, or nearly $7,500 per year.
Here’s how the reduction is calculated
- For the first 36 months before FRA: 5/9 of 1% per month (about 6.67% per year).
- For any additional months: 5/12 of 1% per month (5% per year).
This cut is permanent. Over a 20-year retirement, that $622 monthly loss adds up to more than $149,000.
Wait until 70 and you get a nice boost
On the other hand, delaying past your FRA earns you Delayed Retirement Credits (DRCs). You receive approximately 8% more per year you wait, up to age 70. So if your FRA is 67 and you wait until 70, you get a 24% increase in your monthly benefit. After 70, the credits stop.
Using 2026 maximum benefit figures, the difference between claiming at 62 and waiting until 70 can exceed $2,200 per month. Over 20 or 30 years, that adds up to hundreds of thousands of dollars. The system rewards patience.
But most people won’t get the maximum benefit
In 2026, the maximum monthly benefit at full retirement age is $4,152. If you wait until 70, it rises to $5,181.
However, very few people actually receive these amounts. The Social Security Administration itself states that your benefit will be lower unless you’ve consistently earned at or above the taxable maximum for 35 years. In 2026, that maximum is $184,500. Only about 2% of retirees qualify for the top benefit.
Social Security calculates your benefit using your Average Indexed Monthly Earnings (AIME) — the average of your 35 highest-earning years, adjusted for inflation. They then apply a progressive formula with “bend points”:
For workers becoming eligible in 2026
- 90% of the first $1,286 of AIME, plus
- 32% of AIME between $1,286 and $7,749, plus
- 15% of AIME above $7,749
Example: Someone with an AIME of $2,000 (roughly $24,000 annual indexed earnings) would receive about $1,386 per month at FRA. A maximum earner would receive close to $4,152.
Your FRA by birth year (2026)
- Born 1943–1954 → 66 years
- Born 1955 → 66 + 2 months
- Born 1956 → 66 + 4 months
- Born 1957 → 66 + 6 months
- Born 1958 → 66 + 8 months
- Born 1959 → 66 + 10 months
- Born 1960 or later → 67 years
If you turned 62 in 2026, you were born in 1964 and your FRA is 67 (you’ll reach it in 2031). Note that Medicare eligibility remains at 65.
The benefits increased like every year
On October 24, 2025, Social Security announced a 2.8% cost-of-living adjustment for 2026. This increased the average monthly benefit by about $56, bringing it to $2,071. However, Medicare Part B premiums rose by 9.7% in 2026, which offset part or all of the COLA increase for many retirees.
Create a free account on the official Social Security website (ssa.gov). There you can view your personalized estimates at age 62, at your full retirement age, and at 70, based on your actual earnings record.
No third-party calculator is more accurate than the SSA’s own tool. And this is also important: The estimate assumes you’ll continue earning at your current rate. If you stop working earlier, your benefit may be lower.
