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How Can The Actuarial Reduction For Social Security Early Retirement Be Right?

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Author Info
Natalia A. Jivan () (Center for Retirement Research at Boston College)

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Abstract

Traditionally Social Security's Normal Retirement Age has been 65, but for the last 45 years both men and women have had the option to claim benefits at the Early Eligibility Age (EEA) of 62. In exchange for claiming early, individuals receive a smaller monthly benefit. The legislation that established the EEA reduced benefits by 5/9 of 1 percent for each month before age 65, so that a person claiming at age 62 would face a 20 percent [(5/9)*36] reduction. This publication explains the factor of 5/9 and why it has remained constant since the establishment of the EEA.

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File URL: http://www.bc.edu/centers/crr/facts/jtf_11.pdf
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Paper provided by Center for Retirement Research in its series Just the Facts with number jtf11.

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Date of creation: 13 Aug 2004
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Handle: RePEc:crr:jusfac:jtf11

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This page was last updated on 2009-6-20.

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