Samuel's full retirement age is 65 years old;and his monthly benefit at that age is $1,000.According to the Social Security Administration retirement program,what will Samuel's monthly benefit be if he decides to take retirement as early as age 63?

Question

Quizplus · Accepted Answer

If Samuel decides to take retirement at age 63, his monthly benefit will be reduced by a certain percentage. The reduction is about 6.67% for the first 36 months and 5% for each month before his full retirement age. So, his monthly benefit would be $1,000 x 0.9333 = $933.30, which is less than $1,000 but greater than $0.

Samuel's Full Retirement Age Is 65 Years Old;and His Monthly