Q & A
How much will my benefits be reduced if I take early retirement?
Answer: That depends on the year you were born. Social Security has a chart of birthdates and reductions at http://www.socialsecurity.gov/retire2/agereduction.htm. As an example, if you were born between 1943-1954, your full retirement age is 66. If those in that age group retire instead at age 62, a full retirement benefit of $1000 is reduced to $800 (20% reduction) and the spouse’s retirement benefit is reduced by 25%.
Source: Swanson, Thomas & Coon, 10/13/2014
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