You can start collecting Social Security at age 62, but the amount you receive depends on when you claim
The earliest age to claim Social Security retirement benefits is 62. However, claiming at 62 means you receive a permanently reduced monthly payment compared to waiting longer. The reduction is substantial — typically 30 percent less than what you would receive at your full retirement age, which ranges from 66 to 67 depending on your birth year.
Your full retirement age is when Social Security considers you may be able to access for your complete benefit amount. If you wait until age 70 to claim, your monthly payment increases by about 8 percent for each year you delay past your full retirement age, up to age 70. This means someone born in 1960 who waits from age 67 to age 70 receives roughly 24 percent more per month than they would have at 67.
The choice between claiming early, at full retirement age, or delaying is a financial decision based on your health, life expectancy, and need for income now versus later. There is no single "right" answer — it depends on your circumstances.
Key Takeaways
- You can claim Social Security as early as age 62, but your monthly benefit will be permanently reduced if you claim before your full retirement age.
- Your full retirement age is between 66 and 67, depending on your birth year, and this is when you receive your standard benefit amount.
- Waiting until age 70 increases your monthly payment by roughly 24 to 32 percent compared to claiming at your full retirement age.
- The Social Security Administration sends you a statement showing your estimated benefits at ages 62, full retirement age, and 70 so you can compare the options.
Full Retirement Age by Birth Year
Your full retirement age is not the same for everyone. It depends on when you were born. The Social Security Administration raised the full retirement age gradually starting in 2000 to account for longer life spans.
| 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 |
If you were born on January 1st of any year, you are considered born in the previous year for Social Security purposes. You can find your exact full retirement age on your Social Security statement or by using the calculator on the Social Security Administration website.
How Much Your Benefit Reduces If You Claim at 62
Claiming at 62 instead of waiting until your full retirement age results in a permanent reduction to your monthly benefit. The exact percentage depends on how many years early you claim.
If your full retirement age is 67 and you claim at 62, you receive roughly 70 percent of your full benefit amount. If your full retirement age is 66 and you claim at 62, you receive roughly 75 percent. The reduction is permanent — even after you reach your full retirement age, your payment stays at the reduced amount.
This is why the decision matters over a lifetime. Someone who claims at 62 and lives to 80 will have received more total money than someone who waited until 67. But someone who lives to 85 or beyond will have received less total money by claiming early, because the higher monthly payment from waiting compounds over time.
How Delayed Credits Work If You Wait Past Full Retirement Age
If you do not claim Social Security by your full retirement age, your benefit grows. Social Security calls this a delayed retirement credit. For each month you delay claiming between your full retirement age and age 70, your benefit increases by roughly two-thirds of one percent.
This adds up to about 8 percent per year. Someone born in 1960 (full retirement age 67) who waits until 70 receives approximately 24 percent more per month than they would have at 67. Someone born in 1943 (full retirement age 66) who waits until 70 receives approximately 32 percent more per month.
Delayed credits stop at age 70. There is no benefit to waiting past 70 to claim. At that point, you should file for benefits even if you are still working.
Earning Income While Collecting Social Security Before Full Retirement Age
If you claim Social Security before your full retirement age and continue working, Social Security reduces your benefit based on your earnings. This is called the earnings test.
In 2024, Social Security reduces your benefit by $1 for every $2 you earn above $23,400 per year (this amount changes annually). The earnings test applies only in the year you reach your full retirement age and only to earnings before the month you reach that age. Once you reach your full retirement age, you can earn any amount without a reduction.
This does not mean you lose the money permanently. Social Security recalculates your benefit after you reach full retirement age to account for the months they withheld payments, so you receive credit for those months. But the reduction can be significant if you are working and earning a substantial income while collecting early.
How to Find Your Estimated Benefits
The Social Security Administration provides a Social Security Statement that shows your estimated monthly benefit at three key ages: 62, your full retirement age, and 70. You can view your statement by creating an account on ssa.gov.
Your statement also shows your earnings history, which is the record Social Security uses to calculate your benefit. It is worth reviewing for errors, because mistakes in your earnings record directly reduce your benefit amount. If you find an error, you can contact Social Security to correct it, but you generally have only three years, three months, and 15 days from the date of the error to report it.
If you do not have an online account, you can request a paper statement by calling Social Security at 1-800-772-1213 or visiting your local Social Security office.
Special Rules for Government Employees and Self-Employed Workers
If you worked for a federal, state, or local government and did not pay Social Security taxes on that work, you may be subject to the Government Pension Offset or the Windfall Elimination Provision. These rules can reduce your Social Security benefit if you also receive a pension from government work.
The Windfall Elimination Provision reduces your benefit if you receive a pension from work where you did not pay Social Security taxes. The Government Pension Offset reduces a spousal or survivor benefit if you receive a government pension. Both rules have specific formulas and exceptions. If you have government work in your background, contact Social Security directly to understand how these rules affect your benefit.
Self-employed workers pay both the employee and employer portion of Social Security taxes, but they are subject to the same age rules as everyone else. Your benefit is based on your net self-employment income over your working years.
Frequently Asked Questions
Can I change my mind after I claim Social Security?
Yes, but only within specific limits. If you claimed within the last 12 months, you can withdraw your claim and repay what you received, which resets your benefit to a higher amount when you claim again later. After 12 months, you cannot withdraw your claim, but you can suspend your benefits at your full retirement age and let them grow until 70 — though this is rarely done anymore.
What happens to my Social Security if I keep working past 62?
Your benefit amount increases because Social Security recalculates your benefit each year based on your current earnings record. Higher lifetime earnings replace lower years in the calculation. Additionally, if you delay claiming, your benefit grows through delayed credits. Both effects mean waiting to claim while working usually results in a higher monthly payment.
Do I have to claim Social Security at my full retirement age?
No. You can claim anytime between 62 and 70. Claiming at your full retirement age gives you your standard benefit amount with no reduction and no increase. Many people claim before or after full retirement age depending on their financial situation and health.
What if I was born on December 31st?
For Social Security purposes, you are considered born on January 1st of the following year. This means you reach each age milestone one day earlier than your actual birthday. Contact Social Security if you need clarification on how this affects your specific situation.
Can my spouse claim Social Security based on my record?
Yes. A spouse can claim a spousal benefit based on your record at their full retirement age, which is typically 50 percent of your full benefit amount. A spouse can also claim as early as 62, but the benefit will be reduced. Divorced spouses may also be may have access to to benefits on your record under certain conditions.