Not affiliated with the US Social Security Administration

Amount of Retirement Insurance Benefit

Excerpted from "Social Security Handbook". See the up-to-date, official Social Security Handbook at

302. Amount of Retirement Insurance Benefit

302.1 How is your retirement insurance benefit amount computed?

The retirement insurance benefit rate is equal to the primary insurance amount, which is the basis for all benefits. In some cases, a special minimum benefit is provided for some individuals as explained in §717. These amounts may be increased by a cost-of-living benefit increase.

(See Chapter 7 for the methods of determining your primary insurance amount and for the effect of delayed retirement credits.)

302.2 Can you receive a reduced benefit before you reach retirement age?

If you wait until retirement age, you will receive the full retirement insurance benefit rate. However, if you are a worker age 62 to retirement age and otherwise eligible for retirement insurance benefits, you can choose to receive a reduced benefit. If you choose to receive and do receive benefits for one or more months before retirement age:

  1. The benefit rate ordinarily received at retirement age is reduced by a certain percentage for each month you were under retirement age when the benefit began, as explained in §§723-724; and

  2. A reduced benefit rate will continue to be paid after you reach retirement age.

Last Revised: March, 2001

Sponsored Links

Sponsored Links

There are 7 Comments

@ 66 can I receive Social Security & at same time work (is their a pay on SC monies at 66 as it is @ 62?

how can i find out how much my retirement benefits are.

If you are born in the year of 1948, can you still retire at the age of 62, I heard that the retirement age had increased if you were born after1948, that you had to wait until you were 65.

If you were born in 1948, you can still get retirement benefits at age 62 (assuming you qualify), but your benefits at age 62 will be relatively worse than someone who are currently receiving benefits.

If your full retirement age is older than 65 (that is, you were born after 1937), you still will be able to take your benefits at age 62, but the reduction in your benefit amount will be greater than it is for people retiring now.

Here's how it works since your full retirement age is 66. If you start your retirement benefits at age 62, your monthly benefit amount is reduced by about 25 percent. The reduction for starting benefits at age
- 63 is about 20 percent;
- 64 is about 13 percent;
- 65 is about 6.7 percent.

In other words, current retirees can retire at 62, and get "full benefits" at age 65. You can retire at age 62, but with big reduction in benefits, or wait until your "full retirement age" of 66.

See here for details :

I am 66. husband 71, just had 10th wedding anniversary. i am the highest wage earner. can he get a raise on his social security from me now?

For specific cases, I usually recommend folks contact the SSA directly to ensure you receive best treatment.

The information provided is a little sparse. Have you started to receive retirement benefits?

Sponsored Links

Not affiliated with the US Social Security Administration