You can claim Social Security retirement benefits as early as age 62, but your monthly payment will be permanently reduced

The earliest age to claim Social Security retirement benefits is 62. However, if you claim at 62 instead of waiting until your full retirement age (which ranges from 66 to 67 depending on your birth year), your monthly benefit will be roughly 30 percent lower for the rest of your life. The reduction is permanent — it does not increase later even if you stop collecting.

The Social Security Administration (SSA) calculates your benefit based on your 35 highest-earning years. Claiming early locks in a smaller monthly amount. If you wait until full retirement age or beyond, your monthly payment grows. At age 70, your benefit reaches its maximum — about 24 percent higher than at full retirement age.

Most people do not have to make this choice blindly. You can contact the SSA directly to see an estimate of what you would receive at different ages before you claim.

Key Takeaways

  • You can claim Social Security at 62, but your monthly payment will be permanently reduced by roughly 30 percent compared to your full retirement age benefit.
  • Your full retirement age depends on your birth year: it ranges from 66 to 67, and the SSA can tell you yours in one call.
  • If you wait until age 70 to claim, your monthly benefit will be about 24 percent higher than at your full retirement age.
  • The SSA can provide a benefit estimate showing what you would receive at 62, at full retirement age, and at 70 before you decide to claim.

How your birth year determines your full retirement age

Your full retirement age is the age at which the SSA considers you may be able to access for your full benefit amount with no reduction. This age is not 65 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, your full retirement age is between 66 and 67 (it increases by two months for each year of birth). If you were born in 1960 or later, your full retirement age is 67. The SSA website has a table showing the exact age for your birth year, or you can call the SSA at 1-800-772-1213 and they will tell you immediately.

What happens to your payment if you claim at 62

Claiming at 62 results in a permanent reduction to your monthly benefit. The exact reduction depends on how many months early you claim. If you claim at 62 and your full retirement age is 67, you are claiming 60 months early, which reduces your benefit by roughly 30 percent. If your full retirement age is 66, claiming at 62 means a reduction of roughly 25 percent.

This reduction is not temporary. Even after you reach your full retirement age, your monthly payment will remain the lower amount. You cannot later increase it by waiting — the reduction is locked in when you claim.

The trade-off is that you begin receiving payments five years earlier. If you live to an average age, you may receive roughly the same total amount of money over your lifetime whether you claim at 62 or wait until full retirement age. If you live longer than average, waiting pays more in total. If you die before reaching full retirement age, claiming early means you received more total payments.

How waiting until full retirement age or later increases your benefit

For each year you delay claiming past your full retirement age, your monthly benefit increases by roughly 8 percent per year, up until age 70. At age 70, your benefit reaches its maximum and stops growing.

If your full retirement age is 67 and you wait until 70, your monthly benefit will be roughly 24 percent higher than if you claimed at 67. If you wait from 62 to 70, the difference is even larger — your benefit at 70 will be roughly 76 percent higher than if you had claimed at 62.

Waiting makes the most financial sense if you expect to live well into your 80s or 90s. The SSA's life expectancy tables can help you think through this, though individual circumstances vary widely.

How to get a benefit estimate before you claim

The SSA provides benefit estimates that show what you would receive at different ages. You can request one by creating an account on the SSA's website (ssa.gov), by calling 1-800-772-1213, or by visiting a local Social Security office in person.

When you request an estimate, the SSA will show you what your monthly payment would be if you claimed at 62, at your full retirement age, and at 70. This estimate is based on your actual earnings record, so it reflects your specific situation. The estimate is free and does not commit you to anything.

Getting an estimate before you claim is useful because it lets you see the actual dollar difference between claiming early and waiting. Many people are surprised by how much larger the payment becomes if they delay.

What you need to know about claiming before full retirement age while still working

If you claim Social Security before your full retirement age and continue to work, the SSA will reduce your benefit if your earnings exceed a certain limit. For 2024, if you are under full retirement age for the entire year, the SSA reduces your benefit by $1 for every $2 you earn above $23,400. In the year you reach full retirement age, the reduction is $1 for every $3 you earn above $62,400, but only for earnings before the month you reach full retirement age.

Once you reach your full retirement age, there is no limit on how much you can earn without affecting your benefit. This is one reason some people wait to claim until they stop working or reduce their hours significantly.

The earnings limit changes each year, so check the SSA website or call 1-800-772-1213 for the current year's numbers if you plan to work while collecting.

Frequently Asked Questions

Can I claim Social Security at 62 if I am still working full-time?

Yes, but your benefit will be reduced if your earnings exceed the annual limit. For 2024, the SSA reduces your benefit by $1 for every $2 you earn above $23,400 if you are under full retirement age. Once you reach full retirement age, you can earn as much as you want without any reduction to your benefit.

If I claim at 62 and then change my mind, can I stop collecting and restart later at a higher amount?

You can withdraw your claim within 12 months of claiming and repay what you received, which resets your benefit to the higher amount you would receive at a later age. After 12 months, you cannot withdraw. Some people use this option if they claim early and then realize they will live longer than expected or their financial situation improves.

What if I was born on January 1st — does that affect my full retirement age?

If you were born on January 1st, the SSA considers your birth date to be December 31st of the previous year for purposes of determining your full retirement age. This can shift which age group you fall into. The SSA website or a phone call to 1-800-772-1213 will clarify your specific full retirement age.

Does my spouse's Social Security benefit affect when I should claim mine?

Your spouse's benefit and your own are calculated separately based on your individual earnings records. However, if your spouse is receiving benefits, you may be able to receive a spousal benefit based on their record if it is higher than your own. The rules for spousal benefits are complex and depend on your ages and birth years, so the SSA can explain your options in detail.