• Question
  • what is % of reduction of benefit for each year younger than 67?

    Asked by a 45 year old man from Washoe Valley, NV on 5/26/2019

    If person wishes to retire prior to age 67, what is the penalty?

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  • Categories: How Calculated?, Social Security

Answers

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  • Your Social Security benefit will be reduced by approximately 8% per year based on your full retirement age. Partial years will be prorated. If you know your benefit at full retirement mage, you can use the Social Security calculator on New Retirement to estimate your benefit at different ages. Alternatively, you can call a Social Security office for specific information.

    https://www.newretirement.com/Services/Social_Security_Start_Age_Calculator.aspx

  • Login to rate this answer:   Answered on 5/28/2019
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.