Full retirement age (FRA) is the birthday on which Social Security considers your benefit "full" — no reduction for claiming early, no bonus for claiming late. It isn't the same for everyone anymore, because Congress phased in a higher age starting with people born in 1955. * If you were born in 1943 through 1954, your full retirement age is 66, flat. From there it climbs in two-month increments by birth year: 66 and 2 months for 1955, 66 and 4 months for 1956, 66 and 6 months for 1957, 66 and 8 months for 1958, and 66 and 10 months for 1959. Anyone born in 1960 or later has a full retirement age of 67. * The age you actually claim at matters just as much as your work history. Claim at 62 — the earliest possible age — and your monthly check is permanently reduced, by roughly 30% if your FRA is 67. Wait past your FRA instead, and your benefit grows by about 8% for every year you delay, up until it maxes out at age 70. There's no additional benefit to delaying past 70. * None of these reductions or increases are temporary. Whatever percentage you lock in by claiming early or late stays with that benefit for the rest of your life, cost-of-living adjustments aside. SSA's online retirement calculator can show your exact FRA and estimated benefit at different claiming ages based on your own earnings record.