Full retirement age (FRA) is the age — between 66 and 67 for most people, depending on birth year — at which you can claim your full, unreduced Social Security benefit. Claiming earlier (as early as 62) permanently reduces the monthly amount; delaying past FRA increases it up to age 70.
Choosing when to claim is a major retirement-income decision that interacts with your other income sources, taxes, and longevity expectations.
Example
Someone with an FRA of 67 who claims at 62 receives a permanently lower monthly benefit than if they had waited until 67.
This definition is for general educational purposes only and is not financial, tax, or legal advice. Tim Hartle is an independent insurance professional. Annuity guarantees are subject to the claims-paying ability of the issuing insurance company and are not FDIC insured. Rules and product features vary by situation and by state. Please consult a qualified advisor about your own circumstances.