How to Calculate Social Security Retirement Income

The Social Security benefit that you receive varies widely depending on the age you choose to begin taking those benefits. Everyone has a full retirement age or FRA when you can first claim full or un-reduced benefits. No matter when you were born, you can elect to take early retirement benefits starting at age 62. If you retire before your FRA, your benefits will always be permanently reduced. But if you're in good health and you've got other income sources, waiting is an easy way to boost your monthly income.