Life · Chapter 12 · Benefit Calculation
Claiming Age: Early · Full · Delayed
Definition
Claim at 62 → permanent reduction to 70% of PIA (30% cut). Claim at FRA (67 for those born 1960+) → 100%. Delay past FRA → +8% per year to a maximum 124% of PIA at age 70; no increase after 70.
In plain English
Claim early, take a permanent haircut; wait until 70, get a permanent raise.
Exam tip
Memorize the three anchors: 62 = 70% · 67 = 100% · 70 = 124%.
Easy to confuse with
These are what this term gets tested against — if you can't tell them apart cold, drill the contrast.
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