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How Can the Actuarial Reduction for Social Security Early Retirement Be Right?

Listed author(s):
  • Natalia A. Jivan

    (Boston College)

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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Paper provided by EconWPA in its series Public Economics with number 0407009.

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Length: 4 pages
Date of creation: 12 Jul 2004
Handle: RePEc:wpa:wuwppe:0407009
Note: Type of Document - pdf; pages: 4
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