You can start Social Security as early as age 62, but your monthly payment will be permanently smaller

Yes, you can begin collecting Social Security before your full retirement age. The earliest you can start is 62. However, claiming before your full retirement age — which ranges from 66 to 67 depending on your birth year — reduces your monthly benefit for life. The reduction is roughly 6 to 7 percent for each year you claim early. If your full retirement age is 67 and you claim at 62, you receive about 30 percent less per month than you would at 67.

The Social Security Administration does not require you to be retired to claim benefits. You can still work and receive payments. However, if you are under full retirement age and earn above a certain amount, Social Security will withhold $1 from your benefit for every $2 you earn over the limit. In 2024, that limit is $23,400 per year. Once you reach full retirement age, there is no earnings limit — you can work and collect your full benefit.

Key Takeaways

  • You can claim Social Security at 62, but your monthly payment will be permanently reduced by roughly 30 percent if your full retirement age is 67.
  • Working while collecting early benefits may reduce your payments if you earn above $23,400 per year, though this changes annually.
  • Once you reach full retirement age, you can work without any reduction to your Social Security payments.
  • Delaying your claim past full retirement age increases your monthly benefit by about 8 percent per year until age 70.
  • The decision to claim early depends on your health, life expectancy, financial need, and whether you plan to keep working.

How the reduction works based on your birth year

Your full retirement age 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 ranges from 66 and 2 months to 66 and 10 months. If you were born in 1960 or later, your full retirement age is 67.

The reduction for claiming at 62 is steeper the higher your full retirement age. If your full retirement age is 66, claiming at 62 reduces your benefit by about 25 percent. If your full retirement age is 67, claiming at 62 reduces it by about 30 percent. These reductions are permanent — they do not increase later, even after you reach full retirement age.

You can also claim between 62 and your full retirement age. Each month you wait increases your benefit slightly. For example, if your full retirement age is 67, claiming at 64 reduces your benefit by about 20 percent instead of 30 percent.

Earnings limits if you claim early and keep working

If you claim before full retirement age and continue working, Social Security monitors your earnings. For 2024, if you earn more than $23,400 per year, the program withholds $1 from your benefit for every $2 you earn above that threshold. This limit changes each year based on national wage averages.

The earnings limit applies only to wages and self-employment income. It does not apply to pensions, investment income, interest, or rental income. If you are self-employed, you report your net earnings from self-employment on your tax return, and Social Security uses that figure.

Once you reach full retirement age, the earnings limit disappears entirely. You can earn any amount without losing benefits. This is one reason some people claim early, work longer, and then stop working — they receive benefits during their working years without the earnings penalty.

What happens if you delay claiming past full retirement age

You do not have to claim at 62 or at your full retirement age. You can delay claiming until age 70. For each year you wait past full retirement age, your monthly benefit increases by about 8 percent. This is called the delayed retirement credit.

If your full retirement age is 67 and you wait until 70, your monthly benefit is about 24 percent higher than it would be at 67. If you wait until 70 and your full retirement age is 66, your benefit is about 32 percent higher. You cannot earn delayed retirement credits past age 70 — there is no benefit to waiting longer than that.

Delaying is most valuable if you expect to live into your mid-80s or beyond. If you claim at 62 and live to 80, you will have received more total money than if you waited until 67. If you live to 85 or 90, waiting until 67 or 70 usually results in more total lifetime benefits.

Documents and information you need to claim

To claim Social Security, you will need your Social Security number, birth certificate, proof of citizenship or legal residency, and a government-issued photo ID. You will also need your bank account information if you want benefits deposited directly, which is now required for new claims.

You can claim in person at your local Social Security office, by phone at 1-800-772-1213, or online at ssa.gov. The online process is fastest and does not require an appointment. You can also have a representative help you, though Social Security does not charge for this service — be cautious of third-party services that claim to charge a fee to help you claim.

If you have worked for a railroad, you may be covered by the Railroad Retirement Board instead of Social Security. If you have a government pension from work where you did not pay Social Security taxes, you may be subject to the Government Pension Offset or Windfall Elimination Provision, which reduce your benefits. Ask Social Security directly if either applies to you.

Situations where claiming early makes sense

Claiming at 62 is reasonable if you have serious health problems and do not expect to live into your mid-70s. It is also reasonable if you have immediate financial need and cannot work. Some people claim early, continue working, and accept the earnings penalty because they need the money now and can absorb the reduction.

If you have been unemployed for a long time and cannot find work, claiming early may be better than waiting. If you are caring for a grandchild or other family member and cannot work full-time, early claiming might help. The decision is personal and depends on your specific circumstances, not on what is "best" in general.

Married couples sometimes use a strategy where one spouse claims early while the other delays, to balance immediate income with higher future benefits. However, the rules for spousal and survivor benefits changed in 2015, and this strategy is no longer as valuable as it once was. If you are married, divorced, or widowed, ask Social Security about how your marital status affects your options.

What to expect after you claim

Once you claim, Social Security processes your request and notifies you of the decision. If you claim online, you typically receive a decision within 3 to 5 days. If you claim by phone or in person, it may take longer. Social Security will tell you your monthly benefit amount and your start date.

Your first payment usually arrives one month after your claim is approved. Payments are deposited to your bank account on the same day each month — typically the second, third, or fourth Wednesday, depending on your birth date. You can change your bank account information anytime through your my Social Security account online.

After you start collecting, Social Security sends you a benefit verification letter each year. You may need this letter to prove your income for housing assistance, Medicaid, or other programs. You can request it anytime through your online account or by calling Social Security.

Frequently Asked Questions

What if I claim at 62 and then change my mind?

You can withdraw your claim within 12 months of starting benefits. You must repay all the money you received, and then your benefit resets as if you never claimed. After 12 months, you cannot withdraw. Some people use this to claim early, then withdraw and delay, but it only works within the first year.

Can I claim Social Security if I am still working full-time?

Yes, but if you are under full retirement age and earn above $23,400 per year, Social Security will reduce your benefit. Once you reach full retirement age, you can work and collect your full benefit with no reduction. Many people claim at 62 and keep working, accepting the earnings penalty as a trade-off for getting money now.

Does claiming early affect my Medicare?

No. You become may be able to access for Medicare at 65 regardless of when you claim Social Security. You should sign up for Medicare at 65 even if you have not claimed Social Security yet. If you delay Social Security past 65, you still need to enroll in Medicare separately.

What if I was born on January 1?

Social Security considers you born on December 31 of the previous year for benefit purposes. This affects which full retirement age applies to you and when you can claim. Call Social Security to confirm your birth date for benefits if you were born on January 1.

Can I claim if I have never worked?

No. You must have earned at least 40 credits to claim Social Security retirement benefits. You earn one credit for each $1,730 of wages in 2024 (this amount changes yearly), up to four credits per year. Most people earn 40 credits over 10 years of work. If you have not worked enough, you may be able to claim as a spouse or survivor instead.