You can claim full Social Security retirement benefits without any reductions at this age. While you can start receiving benefits as early as age 62, doing so results in a permanently reduced monthly benefit. Conversely, delaying your benefits until after your FRA can increase the monthly amount you receive.
The full retirement age for those born in 1957
For individuals born in 1957, the full retirement age falls between the ages of 66 and 67. Specifically, it’s 66 years and 6 months. This FRA was part of a gradual increase in the retirement age that began with the Social Security Amendments of 1983. For people born before 1955, the FRA is 66, while those born in 1960 or later have an FRA of 67.
Early benefits and how it affects your monthly payments
Social Security allows you to start claiming benefits at age 62, but this comes with a trade-off: your benefits are permanently reduced based on how early you begin collecting. If you claim benefits at age 62 and you were born in 1957, you’ll receive only 72.5% of your full benefit amount. For each month you delay beyond 62, the reduction becomes less severe. For example, if you claim benefits at age 63, you’ll receive approximately 77.5% of your full benefit, and by age 64, that percentage rises to about 83.3%. The closer you get to your FRA, the higher the percentage of your full benefit you’ll receive.
Benefits for spouses
Spouses of retired workers can also claim Social Security benefits based on the worker’s earnings record. However, these benefits are reduced if claimed before the spouse reaches their own FRA. If your spouse claims spousal benefits at age 62, they will receive only 33.8% of your full benefit. By the time they reach their FRA, their spousal benefit will increase to 50% of their full retirement amount.
Earnings
| If you start getting benefits at age | The benefits of the Wager till FRA (%) | Your spouse benefits (%) |
| 62 | 72.5 | 33.8 |
| 63 | 77.5 | 36.3 |
| 64 | 83.3 | 39.6 |
| 65 | 90.0 | 43.3 |
| 66 | 96.7 | 47.9 |
| 66 + 1 month | 97.2 | 48.3 |
| 66 + 2 months | 97.8 | 48.6 |
| 66 + 3 months | 98.3 | 49.0 |
| 66 + 4 months | 98.9 | 49.3 |
| 66 + 5 month | 99.4 | 49.7 |
| 66 + 6 months | 100.0 | 50.0 |
Delaying benefits
While starting Social Security early reduces your monthly benefits, delaying past your FRA increases your benefit amount. For each month you delay beyond your FRA, you earn “delayed retirement credits” that increase your benefit by about 8% annually until you reach age 70. For example, if your FRA is 66 years and 6 months and you wait until age 70 to claim benefits, you could receive 132% of your full retirement benefit.
