Social Security at 63: 75% of Full Benefit
75%
of Full Retirement Benefit
4 years before FRA — permanently reduced
If full benefit = $1,200/mo
$900/mo
If full benefit = $1,600/mo
$1,200/mo
If full benefit = $2,000/mo
$1,500/mo
If full benefit = $2,500/mo
$1,875/mo
If full benefit = $3,000/mo
$2,250/mo
The Claiming Age Decision
Claiming at 63 gives you 75% of your Primary Insurance Amount (PIA). This reduction is permanent — it applies for every month you receive benefits. The breakeven point vs waiting until 67: ~80 years old. If you live past the breakeven, waiting would have produced more lifetime income.