What Is Your Full Retirement Age (FRA)?
When it comes to claiming Social Security retirement benefits, one of the most important terms to understand is Full Retirement Age—commonly referred to as FRA. Your FRA is a specific milestone that plays a central role in how much you receive from Social Security over your lifetime.
What is Full Retirement Age (FRA)?
Your Full Retirement Age is the age at which you are eligible to receive your full, unreduced Social Security retirement benefit (also known as Primary Insurance Amount or PIA), as calculated by your earnings history.
It is not the age at which you are required to retire, but rather the benchmark the Social Security Administration (SSA) uses to determine whether your benefits will be reduced or increased based on when you start claiming them.
Your FRA is determined by your Year of Birth:
| Year of Birth | FRA | Reduction Or Increase |
|---|---|---|
| 1943-1954 | 66 | 25.00% / 132.0% |
| 1955 | 66 & 2 mo | 25.83% / 130.7% |
| 1956 | 66 & 4 mo | 26.67% / 129.3% |
| 1957 | 66 & 6 mo | 27.50% / 128.0% |
| 1958 | 66 & 8 mo | 28.33% / 126.7% |
| 1959 | 66 & 10 mo | 29.17% / 125.3% |
| 1960 & Later | 67 | 30.00% / 124.0% |
Why is FRA Important?
Your FRA determines how your monthly benefit is calculated and adjusted based on when you claim. The adjustment is based on the number of months between when you claim and your FRA:
- Claim Before FRA: If you start benefits before your FRA (as early as age 62), your monthly benefit is permanently reduced.
- Claim At FRA: You receive 100% of your Primary Insurance Amount (PIA).
- Delay Beyond FRA: You earn Delayed Retirement Credits of approximately 8% per year (up to age 70). Delaying past FRA can increase your benefit by up to 24%–32%, depending on your birth year.
How Your FRA Impacts Other Benefits
FRA has implications beyond your own retirement benefit:
- Spousal and Survivor Benefits: Your FRA benefit is used to determine spousal step up benefits and impacts survivor benefits as well.
- Child Benefits: Your FRA benefit impacts child social security benefits if they become eligible.
- Earnings Test Ends at FRA: If you work while receiving benefits before FRA, your benefits may be reduced under the earnings test. Once you reach FRA, you can earn any amount without reductions.