Social Security at 64: 80% of Full Benefit
80%
of Full Retirement Benefit
3 years before FRA — permanently reduced
If full benefit = $1,200/mo
$960/mo
If full benefit = $1,600/mo
$1,280/mo
If full benefit = $2,000/mo
$1,600/mo
If full benefit = $2,500/mo
$2,000/mo
If full benefit = $3,000/mo
$2,400/mo
The Claiming Age Decision
Claiming at 64 gives you 80% 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: ~81 years old. If you live past the breakeven, waiting would have produced more lifetime income.