The standard retirement age is between 66 and 67, depending on your birth year
The full retirement age — the age at which you receive your complete Social Security benefit — is not the same for everyone. It depends on when you were born. If you were born between 1943 and 1954, your full retirement age is 66. If you were born between 1955 and 1960, it rises by two months for each year of birth, reaching 67 for those born in 1960 or later.
You can start collecting Social Security as early as age 62, but your monthly payment will be permanently reduced — typically by 25 to 30 percent. If you wait until after your full retirement age, your benefit increases by about 8 percent per year until age 70, when increases stop.
Private pension plans — those offered by employers — have their own rules. Some allow you to start at 55 with a penalty; others require you to wait until 59½ or 65. The plan documents from your employer spell out the exact age and any reduction in monthly payments.
Key Takeaways
- Your full retirement age for Social Security ranges from 66 to 67 depending on your birth year, and you can find yours by checking the Social Security Administration website or calling 1-800-772-1213.
- You can start Social Security at 62, but your monthly payment will be permanently lower — usually 25 to 30 percent less than your full benefit.
- Waiting until 70 to claim Social Security increases your monthly payment by about 8 percent per year after your full retirement age.
- Private pension plans set their own retirement ages and reduction amounts, so you need to review your specific plan documents or contact your employer's benefits office.
- Medicare may be able to access starts at 65 regardless of when you claim Social Security, so you should enroll even if you delay claiming benefits.
How your birth year determines your full retirement age
The Social Security Administration raised the full retirement age gradually starting in 2000. This change affects when you receive your complete benefit amount. The table below shows the connection between birth year and full retirement age.
| Birth Year | Full Retirement Age |
|---|---|
| 1943–1954 | 66 |
| 1955 | 66 and 2 months |
| 1956 | 66 and 4 months |
| 1957 | 66 and 6 months |
| 1958 | 66 and 8 months |
| 1959 | 66 and 10 months |
| 1960 and later | 67 |
You can verify your full retirement age by creating an account on ssa.gov or by calling the Social Security Administration at 1-800-772-1213. They will also tell you your estimated monthly benefit at different claiming ages.
What happens if you claim before your full retirement age
Claiming Social Security at 62 is the earliest option, but it comes with a permanent reduction. If your full retirement age is 67 and you claim at 62, your monthly benefit is reduced by about 30 percent for the rest of your life. If your full retirement age is 66, the reduction is about 25 percent. The exact percentage depends on how many months early you claim.
There is also an earnings test if you claim before your full retirement age and continue working. In 2024, Social Security withholds $1 in benefits for every $2 you earn above $23,400 per year. Once you reach your full retirement age, there is no earnings limit and no reduction, regardless of how much you work.
Private pensions often have similar early-claim penalties. Some plans allow you to start at 55 with a 20 to 40 percent reduction; others do not allow early claims at all. Check your plan documents or contact your employer's human resources or benefits department for the exact rules.
Delaying your claim increases your monthly payment
If you wait past your full retirement age to claim Social Security, your benefit grows. For each year you delay between your full retirement age and 70, your monthly payment increases by about 8 percent per year. This increase stops at age 70, so there is no financial benefit to waiting longer.
This strategy makes sense if you expect to live well into your 80s or if you do not need the money immediately. The Social Security Administration publishes break-even calculators on ssa.gov to help you compare the total benefits you would receive under different claiming ages.
Private pension plans rarely offer increases for delaying. Most have a fixed benefit amount once you reach the plan's normal retirement age, and waiting does not raise your monthly payment. Some plans even reduce your total lifetime benefit if you delay, so the math works differently than Social Security.
Medicare starts at 65, separate from Social Security
You become may be able to access for Medicare at 65, regardless of whether you have claimed Social Security. You do not have to be retired or have stopped working. If you delay Social Security past 65, you still need to enroll in Medicare during your initial enrollment window, which runs three months before and three months after your 65th birthday.
If you miss this window and do not have other may have access to coverage, you will pay a permanent late-enrollment penalty on your Medicare premiums. This penalty is 10 percent of the standard Part B premium for each full year you were may be able to access but did not enroll.
You can enroll in Medicare by visiting Medicare.gov, calling 1-800-MEDICARE, or visiting your local Social Security office. The enrollment process is separate from claiming Social Security benefits.
Private pensions and employer retirement plans have different ages
Employer-sponsored pension plans set their own retirement ages and benefit formulas. A common structure is a "normal retirement age" — often 65 — at which you receive your full benefit. Many plans also allow early retirement at 55 with a reduction, though the amount varies widely.
Some plans use a formula based on your age plus years of service. For example, you might be able to retire when your age plus service equals 85 or 90. Others have a fixed benefit that does not change based on when you claim, so the decision is about when you need the money rather than how much you will receive.
Your pension plan documents — usually called a Summary Plan Description or SPD — explain your plan's specific retirement ages and how your benefit is calculated. If you cannot find these documents, contact your employer's benefits office or the plan administrator. They are required by law to provide them to you.
How to find your specific retirement age and benefit amount
For Social Security, create a my Social Security account at ssa.gov. You can view your earnings history, see your estimated benefit at different claiming ages, and get your official full retirement age. You can also call 1-800-772-1213 to speak with a representative, though wait times are often long.
For a private pension, contact your employer's human resources or benefits department. Ask for your plan's Summary Plan Description and your individual benefit statement. The benefit statement shows your estimated monthly payment at different retirement ages and explains any early-claim penalties or delayed-claim increases.
If you are no longer employed by the company that offered the pension, contact the plan administrator directly. Their contact information should be in any pension documents you received when you left the job. If you cannot locate it, your state's Department of Labor may be able to help you find the plan administrator.
Frequently Asked Questions
Can I claim Social Security and a pension at the same time?
Yes. Social Security and private pensions are separate programs with separate rules. You can claim both once you reach the age requirements for each. However, some government pensions — particularly those for federal employees — may reduce your Social Security benefit under rules called the Government Pension Offset or Windfall Elimination Provision. Ask the Social Security Administration whether these rules apply to you.
What if I was born on January 1st — which year's rules apply to me?
If you were born on January 1st, you are considered to have been born on December 31st of the previous year for Social Security purposes. So if you were born on January 1, 1955, your full retirement age is 66 and 2 months, the same as someone born in 1955. Contact Social Security to confirm your specific full retirement age.
Do I have to stop working to claim my pension or Social Security?
No. You can claim Social Security or a pension while still working. However, if you claim Social Security before your full retirement age and earn above a certain amount, your benefit will be reduced. Once you reach your full retirement age, you can earn any amount without a reduction. Pension plans typically have no earnings limit once you start receiving payments.
What happens to my benefits if I move out of the United States?
You can receive Social Security while living outside the US in most countries. However, some countries have restrictions, and you must notify Social Security of your move. Private pensions vary by plan — some continue payments abroad, others do not. Contact your plan administrator before moving to confirm your benefits will continue.
Can I change my mind after I claim Social Security?
If you claimed within the last 12 months, you can withdraw your claim and reapply later at a higher age. You must repay all benefits you received, including any family benefits. After 12 months, you cannot withdraw your claim, but you can suspend benefits at your full retirement age and let them grow until 70. Ask Social Security about your specific options.