How are Social Security benefits reduced if you claim before full retirement age, and what is the primary insurance amount?
The Primary Insurance Amount (PIA) is the benchmark benefit at full retirement age. Early claiming permanently reduces benefits by 5/9 of 1% per month for the first 36 months and 5/12 of 1% thereafter, with a maximum reduction of 30% at age 62, while a separate earnings limit may temporarily reduce benefits if working.