Page 9 - Social Security Brochure

Full retirement age (FRA)

This is the age when you are eligible to begin receiving the entirety of the monthly Social Security
retirement benefit you are eligible for based on your lifetime employment record (which is your
primary insurance amount; there’s more on that below). Historically, full retirement age occurred in
the year you turned 65 for those born prior to 1943. FRA began gradually increasing to 67, starting
with people born in 1943 or later. Early filing can occur starting at age 62 and go until full retirement
age. But you can delay filing up to age 70 in order to increase your benefit amount.
Eligible for 100% of benefits
EARLY FRA DELAY
62 63 64 65 66 67 68 69 70

birth 1943 – 54 1955 1956 1957 1958 1959
year 1960 and later
66
66
66
66
66
66 +2 mos +4 mos +6 mos +8 mos +10 mos 67
Primary insurance amount (PIA)
Quite simply, your PIA is the amount of your monthly Social Security benefit at FRA. The formula
for calculating PIA benefits differs from formulas typically used to determine pension benefits,
which are often based on your top five or past three earnings years, for instance. To obtain

PIA is based on lifetime Social Security-covered earnings adjusted for inflation. your current
PIA, download
• Average indexed monthly earnings over the highest 35 years of earnings your current
• Benefit reflects a percentage of average monthly earnings benefit
statement
• Higher-income earners receive a smaller percentage than low-wage earners
at ssa.gov/
PIA is capped at $3,011 for 2020. The PIA is also subject to cost-of-living adjustments (COLAs), myaccount.
which protect against inflation.

When you file can change your monthly benefit

Making a decision about when to file varies based on your individual situation. Your options include
early filing, delayed filing or opting to file for benefits at full retirement age. The longer you wait to
file, the more your monthly benefit will be. The decision about when to file can significantly impact
your retirement income. That’s why the pros and cons of each option should be carefully considered.

If your FRA is 66, delaying your benefits
to age 70 can increase your monthly
benefit by 32%. 7
132%
124%
116%
108%
100%
93%
86%
75% 80%

% of PIA
received
if SS benefits 62 63 64 65 66 67 68 69 70
start at age:

In 2019, people born in 1953 No benefit in
will reach full retirement age delaying past 70

Pre-eligibility increases are based on the average wage index. Post-FRA increases are based on the Consumer Price Index.
7 Annual cost-of-living adjustments may result in a greater percentage increase. 9