How can the actuarial reduction for Social Security early retirement be right?

Jivan, Natalia A. “How can the actuarial reduction for Social Security early retirement be right?”. Just the Facts 11, Chestnut Hill, Mass.: Center for Retirement Research at Boston College, July 2004. http://hdl.handle.net/2345/bc-ir:104509.
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Abstract

Traditionally Social Security's Normal Retirement Age has been 65, but for the last 45 years both men and women have had the option to claim benefits at the Early Eligibility Age (EEA) of 62. In exchange for claiming early, individuals receive a smaller monthly benefit. The legislation that established the EEA reduced benefits by 5/9 of 1 percent for each month before age 65, so that a person claiming at age 62 would face a 20 percent [(5/9)*36] reduction. This publication explains the factor of 5/9 and why it has remained constant since the establishment of the EEA...

Title
How can the actuarial reduction for Social Security early retirement be right?
Author
Jivan, Natalia A.
Center
Center for Retirement Research
Genre
report
Date Issued
July 2004
Publisher
Center for Retirement Research at Boston College
Series Title
Just the Facts
Series Number
11
Version Identification
Version of record.
Persistent Link
http://hdl.handle.net/2345/bc-ir:104509
Use Restrictions
These materials are made available for use in research, teaching and private study, pursuant to U.S. Copyright Law. The user must assume full responsibility for any use of the materials, including but not limited to, infringement of copyright and publication rights of reproduced materials. Any materials used for academic research or otherwise should be fully credited with the source. The publisher or original authors may retain copyright to the materials.
Subject
Social Security

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