The current full retirement age of 66 is increasing for workers born after 1954 and that means the reduction for claiming benefits early is also on the rise. For individuals born in 1956 who turn 62 this year, their full retirement age is 66 and 4 months. They can still claim Social Security as early as age 62, but their benefits would be reduced by 26.67% compared to a 25% reduction for those with a full retirement age of 66 who claim at 62.
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