§404.312. How is my old-age benefit amount calculated?
20 C.F.R. § 404.312
If your old-age benefits begin in the month you attain full retirement age (as defined in § 404.409), your monthly benefit is equal to the primary insurance amount (as explained in subpart C of this part).
If your old-age benefits begin after the month you attain full retirement age, your monthly benefit is your primary insurance amount plus an increase for retiring after full retirement age. See § 404.313 for a description of these increases.
If your old-age benefits begin before the month you attain full retirement age, your monthly benefit amount is the primary insurance amount minus a reduction for each month you are entitled before you attain full retirement age. These reductions are described in §§ 404.410 through 404.413.
Notes, amendments, and revision history
Amendments
[68 FR 4702, Jan. 30, 2003]
Authority
Authority: Secs. 202, 203(a) and (b), 205(a), 216, 223, 225, and 702(a)(5) of the Social Security Act (42 U.S.C. 402, 403(a) and (b), 405(a), 416, 423, 425, and 902(a)(5)).
Source
Source: 44 FR 34481, June 15, 1979, unless otherwise noted.
Amendments
[68 FR 4702, Jan. 30, 2003]