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RET125 - GUIDE: SS Figures at a Glance

Social Security Figures at a Glance 

Presented by Weller Group

Benefits reduced for those who retire early

The table below shows the full retirement age (FRA) for different years of birth, beginning with 1943. Keep in mind, however, that the minimum retirement age for receiving social security benefits is 62.

Eligible Age for Receipt of Full Social Security Benefits
Year of BirthFull Retirement Age
195566 and 2 months
195666 and 4 months
195766 and 6 months
195866 and 8 months
195966 and 10 months
1960 and later67

If you retire early and begin to receive social security benefits before reaching your FRA, your benefit will be reduced 5/9 of 1 percent for each month before your FRA, up to 36 months. If the number of months exceeds 36, the benefit will be further reduced 5/12 of 1 percent per month.

Survivor benefits (widow or widower) are available as early as age 60 (or age 50 if a qualifying disability is incurred) but are reduced up to 28.5 percent if claimed before the survivor’s FRA.

If you begin to collect benefits at age:Your monthly benefit will be:
62The minimum
66At least 1/3 more
70At least 3/4 more


Annual benefit increase for late retirement

If you postpone retirement beyond your FRA, your social security benefits will increase by a certain percentage, depending on your year of birth, until you reach age 70.

Year of BirthYearly Increase
1943 or later8.0%


The effect on benefits if you continue to work

If you continue to work and begin to collect social security benefits before your FRA, $1 will be withheld for every:

  • $2 earned over $18,240 per year (2020) in calendar years prior to FRA
  • $3 earned over $48,600 per year (2020) in the year you reach FRA

Please note: No benefits are withheld when you collect benefits after your FRA—no matter how much you earn. At your FRA, your social security benefit is adjusted to reflect the months that it was eliminated because you worked.

Social security benefits and taxes

In 2020, the maximum taxable earnings for social security payroll taxes are $137,700. (Medicare payroll taxes have no earnings limit.) Based on income gained from wages paid to you, self-employment, pension and IRA distributions, interest, dividends, tax-exempt interest, and other means, you may pay federal income taxes on social security benefits.

To determine whether a portion of your benefits will be included in your taxable income, your combined income is used. Your combined income is your adjusted gross income added to your nontaxable interest income plus one-half of your social security benefits. It is a comparative number only.

We can assist you in making the necessary calculations and estimates to determine the amount of your social security benefit. We can also offer invaluable guidance as you decide the best time to begin collecting benefits.

Tax Filing StatusCombined IncomePercentage of Benefits Taxed
Single or Head of HouseholdBetween $25,000 and $34,000
More than $34,000
Up to 50%
Up to 85%
Married Filing JointlyBetween $32,000 and $44,000
More than $44,000
Up to 50%
Up to 85%
Married Filing SeparatelyMore than $085%


This material has been provided for general informational purposes only and does not constitute either tax or legal advice. Although we go to great lengths to make sure our information is accurate and useful, we recommend you consult a tax preparer, professional tax advisor, or lawyer.

Weller Group is located at 6206 Slocum Road, Ontario, NY 14519 and can be reached at 315-524-8000. Advisory Services offered through Commonwealth Financial Network®, a Registered Investment Adviser. 

2020 Commonwealth Financial Network®