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Should We Raise Social Security’s Earliest Eligibility Age?

June 1, 2004
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Issue Brief by Alicia H. Munnell, Kevin B. Meme, Kevin E. Cahill, and Natalia Jivan

Introduction

Social Security’s Earliest Eligibility Age (EEA) allows one to claim reduced benefits as early as age 62. For full benefits, individuals must wait until the Normal Retirement Age (NRA), which was traditionally 65 but is gradually increasing to 67. So, Americans have a choice to make when they reach their early 60s: claim a reduced Social Security benefit right away or delay until some further date and receive a larger benefit. The reduction for claiming benefits early is designed to be actuarially fair, i.e. monthly benefits are lowered by an amount that offsets the longer period for which they will be received. The total amount that the average person can expect to receive over his or her lifetime thus does not depend on when benefits are claimed…

Cheerful senior man at home looking at his mail
Cheerful senior man at home looking at his mail
Author(s)
Headshot of Alicia H. Munnell
Alicia H. Munnell
Headshot of Kevin B. Meme
Kevin B. Meme
Headshot of Kevin E. Cahill
Kevin E. Cahill
Headshot of Natalia Jivan
Natalia Jivan
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Citation

Munnell, Alicia H., Kevin B. Meme, Kevin E. Cahill, and Natalia Jivan. 2004. "Should We Raise Social Security's Earliest Eligibility Age?" Issue in Brief 18. Chestnut Hill, MA: Center for Retirement Research at Boston College.

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  • Issue Brief
Topics
Social Security
Publication Type
Issue Brief
Publication Number
IB#18
Sponsor
Russell Sage Foundation
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