What is the reduction in months for Robert who starts receiving benefits at age 62 and 1 month?

To determine the reduction in months for Robert, who is starting to receive Social Security benefits at age 62 and 1 month, we first need to remember that the full retirement age (FRA) for Social Security is typically between ages 66 and 67, depending on the year of birth. Generally, for those born in 1960 or later, the FRA is 67.

Benefits taken before reaching FRA result in a permanent reduction. The Social Security Administration reduces benefits by a certain percentage for each month taken prior to FRA. Specifically, the reduction is approximately 5/9 of 1% for the first 36 months and 5/12 of 1% for each additional month beyond that.

For someone whose FRA is 67 years, starting benefits at age 62 and 1 month means taking benefits 58 months early, since 67 years is equivalent to 66 years and 0 months. The calculation comprises 36 months for a reduction of 20% (5/9 of 1% for each month), plus an additional 22 months at a further reduction.

Calculating the reductions:

• For the first 36 months, the reduction is 20% of the benefit.

• For the remaining