Ask Larry

How Much Will My Benefit Rate Be Reduced If I Start Benefits At Age 64?

I turn 66 April 20 , 2019 , If I decide to start my Social security payments in April of 2017 what percentage of my FRA would I lose . I am projected to receive $1550 per month .

Hi,

If you start drawing your retirement benefits 24 months prior to full retirement age (FRA), your benefit rate will be reduced by 13.33%. You may want to consider running the maximization software available on this website before making any final decisions on when to apply for benefits.

Best, Jerry

Posted: 
Nov 19 2016 - 8:00pm
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