- How It Works
- ServicesServicesOverviewChoose the right level of support for your plan and needsExpert ReviewA comprehensive review of inputs and reports to get you on the right pathFiling AssistanceLet our experts deal with Social Security for youClawback AssistanceFor those who need help fighting a Social Security benefit clawback
- Why Choose Us
- ResourcesResourcesBooksFrom the world-renowned economist behind Maximize My Social SecurityWebinars & PodcastsExpert tips and guides to help you get the maximum from Maximize My Social SecurtyArticlesIn-depth commentary on Social Security from our founderAsk LarryThousands of questions answered by our Social Security expertsBlogSocial Security insights to help you maximize your lifetime benefitsFAQYour most pressing questions answered
- Pricing
Ask Larry
Experts at Maximize My Social Security have answered more than 10,000 questions about Social Security over many years. Search for your questions and answers here.
April 21, 2021
Category:
How Do I Figure Out How Much My Benefit Will Be Reduced If I Start Drawing Early?
I would like to retire this year, November 1st, 2021. I will be 66 years old on 11/2/2021. I am 2 months short of the 66 years and 2 months for full social security. How do I figure out how much my benefit will be reduced>
Thank you.
Hi. If you start drawing at full retirement age (FRA), your Social Security retirement benefit rate will be paid at a rate of 100% of your primary insurance amount (PIA). If you start drawing before then, your benefit rate will be reduced by 5/9ths of 1% for each month that you start drawing early. Thus, if you start drawing 2 months prior to the month you reach FRA your benefit rate will be reduced by roughly 1.1%. In other words, you'd receive roughly 98.9% of your PIA.
You may want to strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to fully analyze the options available to you in order to determine your best strategy for maximizing your benefits.
Best, Jerry