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<h1>Benefit Reduction for Early Retirement</h1><!-- #EndEditable -->
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<p>
<a href="../anypia/index.html">Benefit Calculators</a></p>
<p>
<a href="../ProgData/retirebenefit1.html">How we compute retirement benefits</a></p>
<p>
<a href="early_late.html">Early or Delayed Retirement</a></p>
<p>
<a href="spouse.html">Spousal benefits</a></p>
</td>
<td class="grayruled-td"><p>
We sometimes call a retired worker the <i>primary</i> beneficiary,
because it is upon his/her <a href="../COLA/piaformula.html">primary insurance amount</a>
that all dependent and survivor benefits are based.
If the primary begins to receive benefits at his/her normal (or full) retirement
age, the primary will receive 100 percent of the primary insurance amount.
If the spouse of a primary begins to receive benefits at his/her normal
retirement age, the spouse will receive 50 percent of the primary's
primary insurance amount.
</p>
<p>
The table below illustrates the effect of early retirement, for both a retired worker
and his/her spouse. For our illustration, we have used a $1,000 primary
insurance amount. With this primary insurance amount and both
primary and spouse retiring at their respective normal retirement ages, the
primary would receive $1,000 per month and his/her spouse would receive $500 per month.
The table shows that retirement at age 62 results in substantial reductions in monthly
benefits. Please note that relatively few people can begin receiving a benefit at
<i>exact</i> age 62 because a person must be 62 throughout the first month of retirement.
Thus most early retirees begin at age 62 and 1 month.
</p>
<p>
<table border="1" bordercolor="#114477" width="100%" cellpadding="3" cellspacing="0">
<caption><b>Primary and spousal benefits at age 62</b><br />
(benefits based on a $1,000 primary insurance amount)</caption>
<tr valign="bottom">
<th rowspan="2" scope="col" align="left">Year of<br />birth<small><sup> a</sup></small></th>
<th rowspan="2" scope="col" align="right">Normal (or full)<br />retirement<br />age</th>
<th rowspan="2" scope="col" align="right">Number
of<br />reduction<br />months<small><sup> b</sup></small></th>
<th colspan="2">Primary</th>
<th colspan="2">Spouse</th>
</tr>
<tr valign="bottom" align="right">
<th scope="col" abbr="OAB amount">Amount</th>
<th scope="col" abbr="OAB reduction">Percent<br />reduction<small><sup> c</sup></small></th>
<th scope="col" abbr="spouse amount">Amount</th>
<th scope="col" abbr="spouse reduction">Percent<br />reduction<small><sup> d</sup></small></th>
</tr>
<tr bgcolor="#f6eff8" valign="bottom" align="right">
<td align="left">1937 or earlier</td>
<td>65</td>
<td>36</td>
<td>$800 </td>
<td>20.00%</td>
<td>$375 </td>
<td>25.00%</td>
</tr>
<tr valign="bottom" align="right">
<td align="left">1938</td>
<td>65 and 2 months</td>
<td>38</td>
<td>791 </td>
<td>20.83%</td>
<td>370 </td>
<td>25.83%</td>
</tr>
<tr bgcolor="#f6eff8" valign="bottom" align="right">
<td align="left">1939</td>
<td>65 and 4 months</td>
<td>40</td>
<td>783 </td>
<td>21.67%</td>
<td>366 </td>
<td>26.67%</td>
</tr>
<tr valign="bottom" align="right">
<td align="left">1940</td>
<td>65 and 6 months</td>
<td>42</td>
<td>775 </td>
<td>22.50%</td>
<td>362 </td>
<td>27.50%</td>
</tr>
<tr bgcolor="#f6eff8" valign="bottom" align="right">
<td align="left">1941</td>
<td>65 and 8 months</td>
<td>44</td>
<td>766 </td>
<td>23.33%</td>
<td>358 </td>
<td>28.33%</td>
</tr>
<tr valign="bottom" align="right">
<td align="left">1942</td>
<td>65 and 10 months</td>
<td>46</td>
<td>758 </td>
<td>24.17%</td>
<td>354 </td>
<td>29.17%</td>
</tr>
<tr bgcolor="#f6eff8" valign="bottom" align="right">
<td align="left">1943-1954</td>
<td>66</td>
<td>48</td>
<td>750 </td>
<td>25.00%</td>
<td>350 </td>
<td>30.00%</td>
</tr>
<tr valign="bottom" align="right">
<td align="left">1955</td>
<td>66 and 2 months</td>
<td>50</td>
<td>741 </td>
<td>25.83%</td>
<td>345 </td>
<td>30.83%</td>
</tr>
<tr bgcolor="#f6eff8" valign="bottom" align="right">
<td align="left">1956</td>
<td>66 and 4 months</td>
<td>52</td>
<td>733 </td>
<td>26.67%</td>
<td>341 </td>
<td>31.67%</td>
</tr>
<tr valign="bottom" align="right">
<td align="left">1957</td>
<td>66 and 6 months</td>
<td>54</td>
<td>725 </td>
<td>27.50%</td>
<td>337 </td>
<td>32.50%</td>
</tr>
<tr bgcolor="#f6eff8" valign="bottom" align="right">
<td align="left">1958</td>
<td>66 and 8 months</td>
<td>56</td>
<td>716 </td>
<td>28.33%</td>
<td>333 </td>
<td>33.33%</td>
</tr>
<tr valign="bottom" align="right">
<td align="left">1959</td>
<td>66 and 10 months</td>
<td>58</td>
<td>708 </td>
<td>29.17%</td>
<td>329 </td>
<td>34.17%</td>
</tr>
<tr bgcolor="#f6eff8" valign="bottom" align="right">
<td align="left">1960 and later</td>
<td>67</td>
<td>60</td>
<td>700 </td>
<td>30.00%</td>
<td>325 </td>
<td>35.00%</td>
</tr>
</table>
<table width="100%" border="0" cellpadding="3" cellspacing="0" summary="footnotes">
<tr>
<td>
<small><sup>a </sup>If you are born on January 1, use the prior year of birth.<br />
<sup>b </sup>Applies only if you are born on the 2nd of the month; otherwise the
number of reduction months is one less than the number shown.<br />
<sup>c </sup>Reduction applied to primary insurance amount ($1,000 in this example).
The percentage reduction is 5/9 of 1% per month for the first
36 months and 5/12 of 1% for each additional month.<br />
<sup>d </sup>Reduction applied to $500, which is 50% of the primary insurance amount in this
example. The percentage reduction is 25/36 of 1% per month for the first
36 months and 5/12 of 1% for each additional month.
</small></td>
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