En español | You can retire at any time after reaching 62 years of age. If you start receiving benefits early, your benefits will be reduced a fraction of a percent for each month before your full retirement age. Your benefits will be reduced based on the number of months you receive benefits before you reach full retirement age. So, yes, if a person retires at, say, age 62 1/2, the benefit is prorated (ie. the person is credited for waiting an additional 6 months).